January 2012 notes.
The new year has arrived and with it, a market that has a rare combination – low interest rates and a very low listing inventory. According to the Minneapolis Area Association of Realtors, “That’s all well and good, but consumers and the media walk to talk about one thing: Price.”
Buyers still want to know that buying a home is a financially sound investment and it appears 2012 might finally show a stronger seller market. Pending sales were up 48.4% compared to the same time in 2011 and listings inventory was down 24.4%. Days on market also decreased 1.8% to an average of 135 days. All good signs. Interest rates remain below 4% for now on fixed rate 30 year mortgages, and those are record low rates as well. It’s a great time to buy and a good time to sell – if you still understand price is the biggest issue.

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *