Home sellers cutting prices

There’s some good news in Minneapolis if you’re a home buyer – sellers are cutting their prices. According to the Minneapolis Star Tribune

Reports released Wednesday showed pending home sales in the Twin Cities down, the inventory of houses on the market growing and sellers in Minneapolis offering price reductions more often than in any other U.S. city.

Signed purchase agreements in Minneapolis fell almost 38% in July to the lowest monthly rate in a decade. Sellers have cut their prices at least once in 42
percent of all active sales. The average markdown was 9 percent.

More good news for buyers, mortgage rates are lower than they’ve been in 50 years.

Unfortunately, mortgages have also become more difficult to get and overall prices have risen slightly.

Again here’s the assessment from the Star Tribune…

Already, it’s a strong buyer’s market. Although the number of new listings that came on the market last month was down almost 10 percent, the total number of houses on the market rose slightly to 27,249, a 5.4 percent increase over last year at this time.

Submitted by Minneapolis Realtor, Mary Rugani.

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