It seems every year we wait till the Super Bowl or Daylight Savings Time to see the housing market improve. However that is not the case this year.
For those who’ve been thinking that they’d build a new house someday, that day ought to be right now. With existing inventory scarce and interest rates still hugging 60 year lows, there just isn’t going to be a better time in the near future to get exactly what you want, where you want it, at a better price.
Redfin did a survey of 1119 buyers between February 22 and February 25. According to their survey those buyers are “anticipating continued price increases. 79% of buyers who responded to their survey now believe that home prices will increase in their neighborhood in the next 12 months. The number who believe prices will rise “a lot” shot up from just 10% last quarter to 22% this quarter.”
According to the Minneapolis Association of Realtors weekly market activity report, “there were only 3 months worth of listings on the market as of the end of January and median prices increased a whopping 14.3% over the same time last year. In the Twin Cities region, for the week ending February 16, new listings decreased by 31%” creating one of the lowest levels in a decade.
Trulia reports that the peak months that buyers in Minnesota search for a house are March and April, so it’s no surprise that this weekend they’ll be out in droves to see the 374 new homes featured in this year’s Spring Parade of Homes.
According to Marketwatch.com, interest rates are expected to continue their creep upwards this year ending the year at an estimated 4.4% mark.
With all this said lets enjoy this wonderful activity ridden spring. We are in a great industry and after many years of pain it is great to see the builders now busy again
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