Parley Vineyards in Waconia Minnesota is having an early wine harvest because of the unseasonably warm weather and the spring housing market is also having an early start with increased homes sales and buyer activity. Could it be spring fever or is the market is stabilizing?
If you listen to the national news, we can expect more doom and gloom. With the robo-scandal over, the market will need to absorb more foreclosed inventory from the banks. However, the national news does not report what is happening locally, and I don't have a crystal ball, but there are very strong indications that the housing market is picking up.
Here is what the market looks like taken from the Minneapolis National Association of Realtors as compared to this time last year.
vCarver and Hennepin County listings have declined at a rapid pace - no jump in foreclosure inventory.
vBuyer’s activity has increased and most importantly is an increase in closed sales.
vThe median sales price in both counties is still dropping, but at a slower pace.
vHousing affordability has never been higher with interest rates continuing to hover around 4%.
Sellers take note - there isn't as much competition out there because of the low inventory. List it now, price it at market value and it will sell.
What I want you to take away from this is:
REAL ESTATE IS LOCAL a real estate market can vary from state to state and town to town. When the bottom will hit will vary by location, and it is almost impossible to purchase a property at exactly the right time. It is not only the home price to consider, but buyers should also consider that the mortgage rates are going to rise and this will offset any further home value declines that may occur.
YOU WILL KNOW WHEN THE MARKET HAS HIT BOTTOM WHEN PRICES START GOING UP.
The climate is good for both buying and selling your home.
Marta Beckett
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