Twin Cities Pending Homes Sales Soar!

Twin Cities home sales have soared 10 % this week over the same week a year ago. Why? Lack of inventory and a surplus of buyers. On the buyer side there are multiple offers nearly everywhere in most cities. The caviot is correct pricing, condition and location of course.

Twin Cities pending home sales have surged to their second highest level since 2006! Although home sales have surged sellers are finding appraisal issues. Not enough sold data is available to appraise at higher levels. Sellers may be fetching a higher sales price, and finding themselves without comps to show the higher value.

In May we are likely to see the lowest monthly supply of housing supply in over 10 years. 2.5 months supply is expected. To put that in perspective in 2007 there was over 10 months supply when banks started unloading their inventory.

Twin Cities Home Source can guide you through the rough waters. Click here for a buyer consultation or if you are looking to sell. 

Want a SOLD Sign In Front of Your Hone?

Home sales slipped slightly in March, according to the latest reading from the National Association of Realtors, but were at much stronger levels than a year ago.

Your Source For the Latest Home Values

The Realtors' report on the sale of previously owned homes Monday showed the annual sales rate in March came in at 492,000, down 0.6% from February, but up 10.3% from a year ago.

Monday's report provided further evidence of this improvement in market fundamentals. Sales of distressed home fell to 21% of the market from 25% of the sales in February, and 29% a year ago.
Distressed sales include both the sale of foreclosed homes and short sales, which are sold for less than the amount owed on the mortgage. The median price of a home sold in the month rose 6% from February and 11% from a year ago to $184,300. And homes were on the market for an average of about two months, down from 91 days a year ago. ~ Credit to CNN Money

If you have any questions regarding your value go to TwinCitiesHomeSource.com We will be happy to provide a no cost evaluation on your home.

Is It Time to Buy?

Should you buy in today's seller's market? 

A spring seller’s market is upon us. Extremely low inventory means that sellers are benefiting from higher prices and shorter time on the market. However, potential buyers shouldn’t be discouraged; home prices and mortgage interest rates also remain low. Together, these two factors mean that it’s still a great time to buy a home – if you can find one for sale!

Home prices are low, but rising
Twin Cities Home Source agrees home prices are still 30 percent lower than 2006, but the Twin Cities metro reported the fourth largest median price increase of any metro in the nation (Kiplinger). That means today’s buyers can purchase at a low price, and expect their property to increase in value as the market recovery continues.

Record-low mortgage interest rates are low and rising slowly
While Twin Cities Home Source experts agree that rates won’t increase significantly this year, it’s important to remember that even a small gain in rates will impact you over the long-term. For example, a single percentage point added to a 30-year, $300,000 loan would add around $3,000 to your annual mortgage payments. Check out our website. We are here to help!~

Twin Cites Jobs Better Than Expected!

With February's jobs data in the Twin Cities is looking better than expected and inflation running well
within the Fed's target range, mortgage rates ticked higher. It s not much,
and this affordability environment is still hugely attractive, but it's just enough to
notice. Combined with low inventory, low rates have been a prominent motivation
for buyers. Twin Cities Home Source sellers need the real encouragement these days. Consistent yearover-
year price gains have proven insufficient thus far, but that's subject to
change come spring.
In the Twin Cities region, for the week ending March 9:
• New Listings decreased 6.1% to 1,361
• Pending Sales increased 10.9% to 1,019
• Inventory decreased 30.7% to 12,476
For the month of February:
• Median Sales Price increased 15.5% to $160,000
• Days on Market decreased 22.2% to 112
• Percent of Original List Price Received increased 3.4% to 93.7%
• Months Supply of Inventory decreased 38.8% to 3.0

Twin Cities Home Source is Here!

Twin Cities Home Source focus is representing each client with a experienced professional agent. Our average agent has at least 10+ years of experience with our managing partners having an average of 20 years of experience!
Our website utilizes the RMLS or MLS ( Multiple Listing Service ) and our agents can set up a FREE email alert directly from the MLS data base so you can be notified in real time when a home comes on the market that meets your criteria!
Check out our Mortgage,and Home Inspectors on the left buttons of this page. These are professionals that we have a long history of referring and working with to make your transaction as smooth as possible. You can hire anyone you like, however company's listed on our site have been a part of hundreds of successful closing by past clients!
Contact us today, we will bring our experience to you. We'd love to hear from you!

Twelve Consecutive Months of Price Gains

Twin Cities Home Source has learned homes in the Twin Cities sold for a higher median price than during the year prior for the 12th consecutive month. This is a significant milestone demonstrating a real and sustainable recovery. Several patterns continued from 2012: pending purchase activity was up, new and existing supply levels were down, prices were higher and distressed market activity eased.
There were 2,736 closed home sales during February 2013, 4.7 percent fewer than February 2012. There were 3,689 pending sales, a 2.0 percent increase over last year. The median sales price rose 15.5 percent to $160,000. Inventory levels declined 31.6 percent to 12,202 active listings, the lowest number for any month going back to January 2003. The number of homes for sale is at a 10-year low.
“We’re watching seller activity almost more than buyer activity,” said Andy Fazendin, President of the Minneapolis Area Association of REALTORS®. “Bank listing activity is down while traditional seller activity is up. That’s an encouraging shift.” ~The Skinny

Twin Cities Home Source focus is representing each client with a experienced professional agent. Our average agent has at least 10+ years of experience with our managing partners having an average of 20 years of experience!
Our website utilizes the RMLS or MLS ( Multiple Listing Service ) and our agents can set up a FREE email alert directly from the MLS data base so you can be notified in real time when a home comes on the market that meets your criteria!
Check out our Mortgage,and Home Inspectors on the left buttons of this page. These are professionals that we have a long history of referring and working with to make your transaction as smooth as possible. You can hire anyone you like, however company's listed on our site have been a part of hundreds of successful closing by past clients!
Contact us today, we will bring our experience to you. We'd love to hear from you!