According to Steve Havig, president of the Minneapolis Area Association of Realtors, quoted in the Minneapolis Star Tribune, “We are bottomed out. We are on the road to recovery.”
The median house sale in the Twin Cities was $170,000; that’s a slight dip from 2008, but not the di[s that we’ve seen in the recent past. Closed sales jumped nearly 70 percent from a year ago to 4,304, thanks in part to the bump from buyers rushing to take advantage of the first-time home buyers tax credit last month.
The number of homes listed has dropped to a six-month supply of inventory; a five-month supply is considered balanced. There are still some issues with lenders who are not anxious for short sale mortgages. And unfortunately with high unemployment, there are homeowners who are still missing mortgage payments. But while the road is rocky, it does seem to lead to recovery.
People have been asking when is the right time to buy – and while we can’t make any guarantees – this could definitely be it.