Tuesday, March 17, 2009

Spring Has Sprung In The Twin Cities Real Estate Market!

Ah, spring: that festive season when a young home buyer's fancy turns to thoughts of warm weather, green grass, new flooring, breakfast nooks and purchase agreements.

Pending sales continue to outperform last year, posting 869 for the week ending March 7—good for a 24.7 percent increase. Of these signed purchase agreements, 56.6 percent were for lender-mediated foreclosures and short sales.

New listings for the same time period comparison dropped by 12.6 percent, continuing a months-long trend of fewer home sellers. Increased sales have combined with decreased new listings to draw down the total inventory of homes for sale. The number of active listings for sale is down 14.9 percent from this time last year to 25,901.

Overall, that twitterpated feeling some may be experiencing now is not uncommon. The snow is finally melting, the sun is shining, and home sales all over the Twin Cities have been growing in strength for nine consecutive months.

So, with home sales growing, and inventory shrinking, the law of supply and demand should come into play. The only alarming number in the report that interrupts that law is the lender mediated sales. The new Economic Recovery Plan promises to reduce the number of homes from being foreclosed upon by the banks (the lenders). The time is coming that the bottom will be clearly beneath us and we will all be able to see it as we ascend away from the bottom and real estate begins the journey to recovery.

Whomever you know that is thinking about making a move in the future; tell them, this is the time to do it. Interest rates are currently in the 5% range, we have home buyer incentive money available from the government and from certain municipalities which can make the purchase even sweeter. Oh, and if you would, make sure and tell them about us, The Basil Group. We'll guarantee them "Extraordinary Real Estate Service!” www.thebasilgroup.com

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