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Just as winter has yet to come for us in Minnesota this year, so goes the typical slow down in the real estate and mortgage market. We usually see a seasonal lull in the Minnesota real estate market in December and January and this year, the lull is null.
If you’ve been thinking about waiting until Spring to buy a new home or possibly your first home, that’s alright, we’re likely going to see things hang out in the general range we’re in now, but there are some things you may want to consider if you’re thinking about waiting longer and, some other things that may help you to understand why right now is a great time to buy a home in Minnesota.
There are a number of other reasons that buying your first home or moving up into a new home may make sense today including the record low interest rates that continue to hold and the fact that home sales in Minnesota are on the rise. If you have a home to sell in today’s market, home buyers need new inventory to look at – what’s out there is becoming stale and new homes on the market are being scooped up quickly by eager first time home buyers and move-up home buyers alike.
October reports are out and the numbers continue to show signs of strength in our Twin Cities housing market. According to the Minneapolis Association of Realtors, when compared to last year; pending sales are up (40.5%), new listings (-14.5%) are down and the overall inventory levels are down (-21.6%) as well. This doesn’t come as a surprise.
For home buyers in the market to buy a home today, don’t let multiple offer situations get you down. There are some things you need to know and be prepared for the multiple offer game of tug-o-war in this real estate market. These things can help increase the potential for your success:
The trend of decreased new housing inventory coming on the market – new lisitings, increased purchase agreements written – pending sales, and decreased overall number of homes on the market lends itself to a market where buyers are truly having to search and sometimes fight for properties that they want. Pending sales for last week were over 300 higher in number than this time last year.
Well, if you’re thinking about buying a home yet this year, you need to not let the coming cooler months deter you. The “water is still warm” in the real estate market in the Twin City Metro Area. In fact, according to our most recent market update, it’s actually bordering hot when we look at the year-over-year comparisons.
The change isn’t slight when we compare year over year numbers. Pending home sales are actually up again 40% for this week as compared to 2010!
First time home buyers, investors and move-up buyers are constantly questioning whether now is the right time to buy a new home. Traditional home sellers are questioning whether it makes sense for them to compete with all of the bank owned and short sale properties on the market today. From my perspective, the answer is a big YES. Read more about why now is a great time to buy!
There are less homes on the market to choose from if you’re looking to purchase a home as fewer homes are coming on the market. This tends to lead to needing to react quickly, especially if you’re in a first time home buyer price range where there are likely multiple people interested in the same property price range.
You can get a mortgage today with as little as 3% down payment on a Conventional loan, 3.5% down payment on an FHA loan or if you’re a Veteran or purchasing in a rural area, there are still zero down home loans available. First time home buyers could be eligible for down payment assistance or closing cost assistance to help cover some of the down payment requirements for a mortgage and buy their first home for as little as $1,000 out of pocket.
Watch this video for information on the upcoming First Time Home Buyer Class
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