RE/MAX MN Encourages Buyers to Get the Last of the Low Priced HomesFiled under Blog, Buyers No Comments
A recent report from the Minneapolis Association of Realtors has surprised the whole state with an impressive 31% reduction in the number of homes for sale as well as a 10% increase in the average sales prices of homes in the area. These statistics led the association to declare “Residential real estate has finally taken some meaningful strides towards recovery,” a movement in the right direction RE/MAX of Minnesota has detected across the entire state.
Renewed buyer confidence means the foreclosed and distressed homes that recently packed the RE/MAX MN real estate market have finally begun to move. These sales present a distinct opportunity for buyers interested in obtaining excellent investment properties in Minnesota at reasonable prices, since their current sale price has been pushed down by the fact that the market was overloaded with homes for sale.
However, as the 10% increase in sales prices indicates, these great buys will not be around for long. An analysis of market trends in Minneapolis shows the prices of homes are steadily increasing. This trend is being replicated across the state, including other urban areas such as St. Paul, Rochester, and Duluth. We reminds buyers that now is the time to buy for a great price, because once these foreclosed and distressed properties are off the market, the new homes will be listed at an increased prices. Buying now means you will be receiving an even bigger return on your investment over in the long run.
Many of the foreclosed and distressed homes available are in excellent condition. Their prices have been driven down by a flooded marketplace, and owners and banks desperate to sell in order to recoup some of the financial losses they experienced. Speak with one of our agent in your area today to arrange a meeting and see which properties represent the best investment opportunity at the moment.