The market is showings signs of improvement. I am seeing more people coming through open MN houses which is one indicator of market conditions. Sort of ‘taking the pulse’ of the market you could say. A few months back, I would hold opens and it wasn’t uncommon to have no one come through. This last weekend I had 10 groups through on a $350,000 Eden Prairie home.
Multiple offers?? I heard an agent in my office yesterday that called in to schedule a showing on a property priced at $51,000 located in Minneapolis. He was told there were already 31 offers on the home! My guess is that it was a bank owned home. Banks are catching on, and underpricing homes to generate multiple offers. Investors/buyers then bid the price of the property back to what the market will bear on the particular MN house.
Currently there are a lot of first time home buyers out there looking to purchase in time to take advantage of the $8,000 tax credit. Time is running out! A buyer has to close prior to November 30th this year. Title companies and lenders will be swamped towards the end of the month, along with holidays, it would be wise to schedule a closing no later than November 10-15 to be safe.
I have been trying to find a home priced under $160,000 in the southern metro, that is not a short sale and is FHA approved. It is a challenge. After sifting through over 300 listings I found 56 that fit that criteria. The great majority of homes are short sales, and many have a contract on them so are technically ’sold’. I say technically because they are waiting approval from the bank which can take months to hear from them, and then the bank may say no. If you are wanting to close before the tax credit expires, short sale properties probably won’t work. Stick with regular sales, or bank owned properties. Happy house hunting!
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Nate, I agree. I do think the market is picking up. My phone is ringing off the hook with people wanting help to get their houses ready for sale. This is normally a slow period and I am doing more than double the business of last year during this time!
Staging makes a big difference in this type of market, without question. Glad things are going well in your arena of business!