Monday, April 22, 2013

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.

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.

Wednesday, April 17, 2013

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!~