This weekend marks the end of the first quarter of 2008. To compare accurately this year’s real estate stats to last year, we’ll wait until next week for the numbers - before then, here’s the anecdotal analysis:
It seems many buyers are catching on to the idea that the buyer’s market we’ve been talking about for a year is actually a good time to buy a new home. They are out in force, as evidenced by more scheduled showing appointments this year than last.
Unfortunately for sellers, the bitter cold kept many of those buyers from taking action. The weather in January and February kept sold numbers down - but a pent up demand has surged in March.
When the weather is sunny and (relatively) warm, we see more showing appointments and more traffic is condo sales centers - the result is more contracts.
The pace of things seems a bit slower than last year, but not much. Offers seem to be lower than last year, and constantly changing lending rules are adding a new degree of complexity to the process.
That being said, March has been busy with buyers buying and sellers trying their best to hang on to value.
Today’s savvy buyer is weighing current economic uncertainty against mortgage rates that are bound to rise this year and home values which are bound to start rising sometime in the coming months.
Labels: minneapolis condos, minneapolis market, Minneapolis Neighborhoods, purchasing condos
# posted by
Tara O'Brien @ 10:29 PM
