Jan 14, 2009 11:05 pm US/Central
Beginning Of Turnaround In Metro Housing Market?
(WCCO)
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For the first time in three years, the number of pending sales increased from the year before. The increase was 1.2 percent.
AP
While the nation's housing market has been in a huge slump, on Wednesday local Realtors released figures they say could mark the beginning of a turnaround.
For the first time in three years, the number of pending sales increased from the year before. The increase was 1.2 percent.
As for people who are in the market to buy, the deals and the extras have never been better. At a remodeled condo in south Minneapolis the owner has slashed the priced $20,000 to $169,900. She is also offering other incentives.
"We are also offering to the cover closing costs and a free move for the potential buyer. My husband owns a moving company so that we would throw that in for free," Shari Mathias said.
But its not just buyers who have reason to be upbeat. Some key indicators are pointing to the very beginning of what might be the bottoming out of prices for those trying to sell their home.
The number of new listings is down nearly 11 percent. That reduction in inventory is good news for sellers.
Since July, pending sales in the metro also rose 15 percent. And while the sale price of lender mediated and foreclosed homes dropped 13 percent in 2008, the price of traditional home was only down 4 percent.
As mortgage rates keep falling Realtors are looking for a thaw in the spring market.
"I think its going to be a great market. I think we're going to see a lot of pluses out there and I'm really excited about it," said Realtor Rae Jean Malone.
However, until then buyers can expect deals and extras.
"Its such a hard market out there right now so we're trying to offer as much as we can for the potential buyer," said Mathias.
The median sale price of a traditional home is now $223,000 in the Twin Cities. For lender- mediated or foreclosed home the price is $145,000.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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