Market Forecast for 2011

If you’re looking to sell a house the forecast isn’t great – if you’re looking to buy, it’s maybe not so bad. The Minneapolis Star Tribune puts a chilling spin on the situation…

Get ready for the big chill. Home sales in the Twin Cities metro area are falling and the number of houses on the market — many of them foreclosures — continues to rise.

There’s no doubt that the market is down but from the perspective of the home buyer that means there are many homes to choose from, and interest rates are the lowest they’ve been in a generation. That’s great news for first time home buyers.

For homeowner looking to move the situation is hard – but not necessarily desperate. For many people selling their home has been difficult and many have had to take offers that were unheard of a few years ago and may even be less than they paid for the home – but the silver lining is that if you’re in that position, it is likely that you’ll buy a home under the same conditions. You’ll be able to buy homes for less than you might have expected – so keep that in mind when fielding offers.

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