A free research tool provided by the Minneapolis Association of REALTORS® have brought together a unique blend of data sharing services for the public. Another FREE service provided by the REALTOR® Community. Keeping the public informed since 1887, the Minneapolis Association of REALTORS® continues to lead the regional advocacies in research and education for the public, REALTORS® and Brokers serving the 13 County Metro areas of Minnesoata and Wisconsin.
The contents of the weekly report provides the real estate community with valuable resources focusing on the following market trends: most recent activity going back within 3 months, weekly activity going back 15 months, current number of active listings, average days on market, percentage of original price received at close, Mortgage Rates, the Supply/Demand Ratio, the Housing Affordability Index, and the Housing Supply Outlook.
The story continues reflect the same correction pattern experience over the past year resulting from the 1998 to 2005 real estate boom. Buyers, sellers and REALTORS® continue to experience a depressed attitude about the market trend. Campaigns and advertisements are trying to stimulate the buyer community to realise the opportunities available during this market correction period. Clearly the buyer confidence must be continue to be stabilized by the Mortgage rates, Mortgage Lending programs available and new procedures currently being phased in to replace more liable products from the recent past. This correction/adjustment we've experience for almost two years is a very normal and healthy period. It will lead us to a healthier and more stable market condition for all consumers, both forward thinking/proactive buyers today and those planning medium to long range transactions down the road.
Both builders and sellers alike have not fuelled the supply ratios of available listings most recently with a significant decline in numbers of active listings. The 90 day forecast for available listing remains flat. The 90 forecast for pending sales shows an increase of pending and closed sales, no changes in median and average sale prices, no changes in percentage of original price versus closed price, no changes in the Mortgage Rates, no changes in the Housing Affordability Index, and an improved Housing Supply Outlook.
Having summarized a rather detailed report, the market has even pushed further in favor of buyers as inventory typically continues to grow in a spring market. The mortgage indicators are stable at very favorable rates and better traditional and government sponsored programs available to the consumers. Investors are looking at the local inventory as an opportunity to leverage their positions in real estate ownership as well. Currently, there are almost 6 available single family homes for every 1 sale. Last year at this time there were approximately 4.5 homes available for every 1 sale. Again, with the median and average prices, mortgage rates and available inventory, the buyers are holding the cards with their turn to play.
Finally, most consumers typically utilize the Internet to due their due diligence before buying and selling real estate. That's a great thing! Consumers have the opportunity to obtain the necessary information before the actually call a trusted REALTOR®. In the past the majority of consumers simply called someone they knew who held a license at the commerce department. The Internet now allows consumers to actually find the resourceful professional REALTORS® and actually call and interview them before they have just any licensed agent handle on of their largest assets in their invested history. The 1998-2005 boom brought out the 'ugly' and the'ruthless' in all real estate affiliations. The experience professionals continue to help buyer and sellers develop their personal wealth through their real estate transactions even in normal market conditions like today.
Congratulations on affirming your day today!
Best Regards,
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Contact Frank D'Angelo, Broker, Sellers Residential Specialist. Licensed Broker in the State of Minnesota at (763) 548 1444 to list your property for sale or to purchase a property in Blaine, Fridley, Spring Lake Park, Coon Rapids, Centennial, Lino Lakes, Ham Lake, Andover, Champlin, Brooklyn Park, Minneapolis, St. Paul metro Minnesota.
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Frank D'Angelo Minneapolis MN Broker/Owner
EXIT REALTY NEXUS of Minneapolis, MN
(763) 548-1444

