Archive for October, 2012

Change in Season AND a Change in the Market

Well it is definitely Fall here in Downtown Minneapolis!  With this change in weather also comes a change in the housing market.  We have not seen such activity in the downtown market since 2006 with inventory of listings at a 9 year low.  Interest rates are at a never seen before low in the 3% range, making affordability even higher.  Home values continue to improve along with consumer confidence.  This should help gain momentum into 2013 as supply becomes strained with no new projects ready to move in and demand from buyers increases.  Now is a great time to look at selling!  In most of the local neighborhoods the median sales price has gone up, while the days on market and number of new listings has gone down.  It is still a great time to buy a home as well!  Low interest rates give you more buying power and you can still get in at great prices.  With low inventory it is even more important to have a dedicated Real Estate Agent working for you from the beginning of your search!

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