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Too Many Houses For Sale? CNN thinks so…

Latest News on May 11th, 2010 No Comments

According to a new CNN article posted today,  certain areas of the country are suffering from not having enough properties for sale. While that may be true in some areas of the country… what does this mean for those buyers and sellers located in the Twin Cities? Well… we believe it may just be good news for both groups!

For sellers in the Twin Cities, this means that activity is starting to pick up and with less homes for sale, it should be easier to garner some much needed attention to your property. Properties that are in a first time home buyer’s price range (typically $250,000 or less) have been selling rather quickly over the past six months and oftentimes these sellers are seeing multiple offer situations arise on their properties. The foreclosure inventory that has been hampering a typical seller’s efforts is currently just a trickle compared to where we stood a year ago. Of course all the experts and talking heads are chomping at the bit to predict when the “next wave of foreclosures” will hit, but, at least for now, the short term looks fairly positive for sellers in the Twin Cities.  However, with the recent expiration of the first time home buyer tax credit, we as Realtors are noticing a sudden lull in the buyer activity. While we think (hope!) that this is temporary, the trend is something that sellers need to watch closely in the next few weeks.

Buyers, buyers, buyers. My oh my have you had opportunities over the past year or so. If you think the market is going to wait for you to make a decision before returning to somewhat normal conditions… think again. Ask any Realtor across the metro area for their opinion on what has happened in the market through the end of April 2010 and they will tell you this: BUY NOW or kick yourself later for sitting on the sidelines. Never before have we seen such a perfect storm of low interest rates, low prices, and eager sellers. If you were one of the fortunate that wrote a purchase agreement before the end of April, you benefited from a nice tax break. For those of you that are still looking for a home, don’t fret! There are a ton of first time home buyer rebate programs still available, and as mentioned previously, we all are expecting a slight lull in the market during May so this is your time to get out there and negotiate. Virtually everyone agrees that we’ve reached the precipice of the “buy low, sell high” mantra. So what are you waiting for? Contact an eGreen Realty agent today!

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