Tuesday, April 30th, 2013

JIM BUCHTA , Star Tribune

Low inventory and high demand helped trigger a 13th month of housing price increases.

It might not look like spring, but Twin Cities home sales are heating up.

Last month, buyers outnumbered sellers, triggering double-digit price increases and bidding wars in the metro’s most popular neighborhoods.

“This has certainly been a breath of fresh air,” said Kate Beckman, president of the St. Paul Area Association of Realtors.

The latest report provides more evidence that the housing market is continuing its recovery despite less-than-ideal shopping conditions.

During March there were 3,632 closings with a median price of $176,000 — a 17.4 percent increase over last year and the 13th-consecutive monthly increase in sale prices, according to the Minneapolis Area Association of Realtors (MAAR).

The spring thaw normally draws buyers out of hibernation, yet the recent cool temps didn’t seem to hamper shoppers. Closing sales were flat compared with last year, but pending sales — an indication of future closings — increased more than 6 percent despite a 31 percent decline in inventory that’s stifling an even more pronounced recovery.

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Tuesday, April 30th, 2013

By Jill Schlesinger

(MoneyWatch) Although housing prices started to rebound last year and are expected to continue rising in 2013, it’s still a buyer’s market. Prices remain 30 percent below their peak before the housing crash and mortgage rates hovering at all-time lows. If you are ready to jump in to the real estate market, here are 13 house-hunting tips for 2013.

1. Run the numbers. Put together a financial plan to determine whether you can really afford to buy. After all, just because it’s a good time to purchase a home doesn’t mean it’s a good time for YOU to buy. It’s important to understand how much home you can afford and whether home ownership might preclude you from addressing other important financial issues in your life.

2. Save 20 percent for a down payment. I’m not a huge fan of putting down less than that amount (although the Federal Housing Administration allows it). Keep your downpayment fund in cash or cash equivalent accounts, so that market movements don’t thwart your plans.

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Tuesday, April 30th, 2013

By Beth Braverman

Catch buyers’ attention, and get multiple offers, by pricing your home in line with comparable sales.

Six years after prices collapsed, housing has begun to climb out of its hole. So what are the best moves to make now? In a three-part series, we offer smart strategies for buyers , sellers, and owners in today’s market.

Selling your home? In most parts of the country, you have finally regained the upper hand.

To get your best price, though, you need to finesse your timing, list competitively and match your marketing strategy to local conditions.

Lower your sights to make more money.

Rising prices breed rising hopes: In a recent poll, brokers complained that 75% of homeowners think their agent’s recommended listing price is too low. Pricing your property above recent sales to cash in on the momentum may slow down deals, and sitting on the market too long can stigmatize a house.

Catch buyers’ attention — and get multiple offers — by pricing your home in line with comparable sales, says Rick Turley, president of Coldwell Banker San Francisco: “Then let the market take it higher.”

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Monday, April 29th, 2013

Less supply, more demand and rising prices are being seen in residential markets across the nation. Although grumpy cats using national data sometimes grouse about the housing recovery’s fragility, housing trends have remained positive for well over a year now, and the road ahead looks bright with better lending standards in place. Ominous headlines may benefit advertisers and search engine optimization, but local consumers informed of local situations are in a better position to leverage the market.

In the Twin Cities region, for the week ending April 20:

• New Listings decreased 4.5% to 1,601
• Pending Sales increased 9.7% to 1,337
• Inventory decreased 28.4% to 13,258

For the month of March:

• Median Sales Price increased 17.8% to $176,575
• Days on Market decreased 24.3% to 109
• Percent of Original List Price Received increased 3.1% to 95.0%
• Months Supply of Inventory decreased 38.0% to 3.1

Click Here to View Full Weekly Activity Report

 

Posted in Weekly Market Activity Reports |
Monday, April 29th, 2013

Less supply, more demand and rising prices are being seen in residential markets across the nation. Although grumpy cats using national data sometimes grouse about the housing recovery’s fragility, housing trends have remained positive for well over a year now, and the road ahead looks bright with better lending standards in place. Ominous headlines may benefit advertisers and search engine optimization, but local consumers informed of local situations are in a better position to leverage the market.

In the Twin Cities region, for the week ending April 20:

  • New Listings decreased 4.5% to 1,601
  • Pending Sales increased 9.7% to 1,337
  • Inventory decreased 28.4% to 13,258

For the month of March:

  • Median Sales Price increased 17.8% to $176,575
  • Days on Market decreased 24.3% to 109
  • Percent of Original List Price Received increased 3.1% to 95.0%
  • Months Supply of Inventory decreased 38.0% to 3.1

Click here for the full Weekly Market Activity Report.From The Skinny.

Posted in Weekly Report |

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