We released the monthly housing stats for August 2008 last week. Here's the gist of what we had to say.
Sales activity in the Twin Cities housing market continues to post healthy numbers. For the second consecutive month and only the third time in the last 39 months, pending sales posted a year-over-year increase. August saw 4,411 purchase agreements signed—an increase of 15.0 percent from August of last year. There has not been a year-over-year increase this large since November of 2004.
There were 18.8 percent fewer new homes on the market in August 2008 than in August 2007. The total inventory of homes for sale at the end of August was 9.2 percent lower than the same time last year, which is actually a good thing. We've been needing fewer homes on the market, and we're starting to get what we needed. There's still plenty to choose from out there.
Home prices are still on a downward trend. The overall August median sales price of $200,000 fell from last year by 13.0 percent. Lender-mediated homes posted a median sales price of $150,000, a decrease of 9.6 percent from last year. Traditional properties had an August median sales price of $229,900, a more modest decrease of 4.3 percent.
Due to the decline in home prices and a downtick in mortgage rates, affordability is up. Buyers are taking notice and jumping back into the market to take advantage. We're eager to see how this plays out in the snowy months.
As published by: Minneapolis Association of Realtors
www.minneapoliscondostaraobrien.comLabels: homes for sale in shakopee, housing, housing prices
# posted by
Tara O'Brien @ 10:27 PM
In every endeavor you should always surround yourself with the best and most qualified expert assistance and advice. To get your home sold, it's vital you select the best agent possible – someone with your interests in mind and someone you can trust to get the job done. But even the most successful agent cannot get buyers to the table unless you pay attention to the two essentials – presentation and price.
Presentation: Potential buyers will make up their minds within 10 seconds on the merits of your property. That's why first impressions are particularly vital when it comes to real estate. In everyday life, you may get the opportunity to change a person's mind about some things. But if they take one look at your home and drive away, you've probably lost them forever.
An exterior that's tidy, clean and charming needs to be followed up with the same attention once they open the door. It may seem tedious, but your home should always be clean and polished in appearance both inside and out. Clear out the clutter, fix squeaky doors and loose door handles, freshen the paint and turn that storage room back into the bedroom it was intended to be.
Pricing: Setting the right price can sometimes be tricky, especially when you've lived in (and loved) a home for a long time. Today's market is a little sticky so if the price is too high, buyers will look elsewhere. They are well aware that they have many choices. You want to get your best price for your property but be careful about getting too ambitious unless you're willing to sit for a while.
Real estate agents have the cat bird's seat when it comes to knowing what sells and for how much. It's much more involved than merely price per square foot. If your home hasn't sold in a reasonable length of time, ask what further steps you need to take. If constructive criticism is given, don't take it personal. This is a business decision. You want to sell a product in order to reach your goal of moving to a new home. It's your agent's charge to get that done for you.
Copyright PropertySource Network 2008
www.minneapoliscondostaraobrien.com
# posted by
Tara O'Brien @ 10:19 AM
Once again, the big story in this week's activity report is the huge upswing in pending sales activity relative to one year ago. For the week ending August 23, there were 818 pending sales, an increase of 26.8 percent from the same week in 2007. Over the last three weeks, we have now posted 545 more pending sales than over the same three weeks last year.
Part of this year's increase is due to legitimate increases in demand brought about by attractive prices, still-healthy mortgage rates and a "last call" flurry of consumers utilizing FHA's seller-funded downpayment assistance program before it is discontinued on October 1. The other reason for the year-over-year surge is the Valley Fair-esque downward dive that activity took last year at this time amidst the initial media frenzy surrounding the now-infamous "credit crunch."
The supply of homes for sale continues to decrease, now down 7.7 percent from last year. For September, our Supply-Demand Ratio is 9.29, which means there are 9.29 homes for sale for each buyer in the market. This is a hearty 24.2 percent decline from last September and is due to the falling supply and rising demand.
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www.minneapoliscondostaraobrien.comLabels: foreclosure, homes for sale in shakopee, market update, minneapolis condos, minneapolis market, Minneapolis Neighborhoods, minnesota real estate, real estate sales, short sale
# posted by
Tara O'Brien @ 10:53 AM
