Local housing market is building up

The West Central Tribune published an article by Anne Polta this week about how the local real estate market is improving. You can read the full article here: http://www.wctrib.com/content/local-realtors-say-housing-market-looks-rosy-year-both-buyers-and-sellers

Here are a couple highlights that I pulled out:

"New figures from the Minnesota Association of Realtors show steady improvement over the past year in virtually every indicator. Statewide, new listings were up 4.1 percent last year compared to the year before, while closed sales were up 4.6 percent."

"Prices also are gaining strength. On average, homes across Minnesota sold for 11.2 percent more in 2013 than they did in 2012. Meanwhile, the number of sellers who received their original asking price inched upward as well, from 92.5 percent to 94.6 percent."

"The median sales price for homes in the region rose 17.3 percent last year, from $102,300 to $120,000. Although homes in the four-county region still take longer to sell than in the metro area, there was an 11.5 percent drop last year in the number of days the average house spent on the market, from 131 days to 116 days. The region also saw a 5.6 percent increase last year in new listings and a 9 percent increase in closed sales."

"The local market still contains several foreclosed and short-sale properties, but observers say the numbers of these are on the decline."

If you're ready to test the market and sell your home, please call me at 320-894-7528. I'd love the chance to work with you and find you a great value!

Sincerely,
Noah Hultgren
noah@farmlandman.com
320-894-7528

Low Rates, Low Activity

Somehow, mortgage rates have stayed at historically low levels throughout the summer, making it a very attractive time for people to be buying houses. Unfortunately, even though the rates are low, home sales activity has also been low throughout the summer.

I like to use local banks and lenders, but its helpful to look at rates being quoted on national sites like Bankrate.com, which currently shows rates for a 30-year fixed mortgage hovering between 4.35% and 5.35% APR, either of which is a really good rate.

Perhaps sales activity will pick up as the new school year gets closer. If you'd like to move into something new before the school year starts, please give me a call at 320-894-7528 and I'll see what I can do to help you. There are a lot of good value listings out there right now - if you are ready to move, I can help you out!