will there be more listings on the market soon? options in my price range seem to be dwindling...

Asked by Firsttimerstp, 55104 Mon Jan 25, 2010

I've been casually looking for a home on realtor.com and trulia, etc, since October, and have now started to look at homes with a realtor. Every day there seem to be fewer options in my price range (155,000 or under) in the neighborhoods I'm interested in (Mac-groveland, Crocus Hill, other walkable and safe areas). I've read that "buying season" starts mid-Feb or so in the twin cities, does that mean there will also be more houses on the market possibly fitting my criteria, or should I expect there to be as few options as there are now all spring?

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9
CCC, Home Owner, San Diego, CA
Tue Jan 26, 2010
Hi, is your price range somehting you want to be in or it is based on a Pre Approval from a Mortgage Consultant?
How long ago were you pre approved? Rates fluctuate daily.

Also, loans are getting some changes, as other mention already.

If you were approved in Octuber or not, it is time to work with a Realtor and a Mortgage Consultant.

I dont think there is a buying season, it sounds like hunting season. Sales could increment in certain months, but homes are for sale all year long.

Trulia gets feed from some brokers, not all of them. Also, on Realtor.com you might not be able to know is a property is a short sale or foreclosure. If it is a short sale, how would you know if there is an offer?

How many open houses have you visited? Home many homes inside? Most probably, we will never know.

Hire a Realtor and Buy!
0 votes
Kristin Boli…, , 55347
Tue Jan 26, 2010
Hello Firstimerstp,

It is difficult to say if there will be more or fewer homes on the market. Currently, we are seeing fewer and fewer homes on the market in that price range due to the various tax incentives we have had over the past year(s). Due to the tax credits, homes in that price range have moved competitively and multiple offers have been received. If you are interested in looking, average sale prices of homes are seeing a comeback (although we are still down from where we were at in 2004-2005). Various loan officers and home mortgage reps I have spoken with feel that the interest rates may start to rise again towards the end of this year.

Obviously no one can play the market (anyone who does is speculating) but the best time to buy was truly yesterday.

It's always a great day when I find your dream home
Kristin Bolinske
http://www.kristinbolinske.com
0 votes
Jackie Funk, Agent, Minneapolis, MN
Tue Jan 26, 2010
Team up with an agent and start shopping. A lot of changes coming in the Spring. If you're considering an FHA loan, they are working on making big changes and it sounds like they will be more expensive for buyers. NOW is the time to buy - is not a line we use - it is a great time to buy!

Here are the proposed changes: The FHA will propose to take the following steps: increase the mortgage insurance premium (MIP); update the combination of FICO scores and down payments for new borrowers; reduce seller concessions to three percent, from six percent; and implement a series of significant measures aimed at increasing lender enforcement.

For the whole press release click here: http://tinyurl.com/yc3mvz

Best wishes, Jack:-)
Web Reference:  http://JackieFunk.com
0 votes
Brad Anderson, Agent, Maple Grove, MN
Tue Jan 26, 2010
The competition in your price range has been strong for a while now. That has depleted the inventory. Spring usually brings more inventory to the market, but you won't be alone out there, so if you see something you like, make a strong offer right away!
0 votes
Lenny Frolov, Agent, Brooklyn Park, MN
Tue Jan 26, 2010
There is starting to be a slight upswing of listings coming on the market but so far its nothing dramatic. Its hard to say but I think we will have more inventory soon.
Web Reference:  http://www.lennyfrolov.com
0 votes
Steele V. Pr…, , Minneapolis, MN
Mon Jan 25, 2010
The word I am getting as a bank owned property specialist is that we will see a large upswing in bank inventory release in February or March. No crystal ball here but it does make sense. And a number of them are slated to be $200,000 and under.

But your observations are correct, inventory in your price range is dramatically down.
0 votes
Susan Hoffla…, Agent, Shoreview, MN
Mon Jan 25, 2010
Your price range is the one in which we've had a 33% increase in sales in the last year. As new properties are coming on the market, those that are in good shape and priced right are selling quickly, with multiple offers and usually at higher than the listing price. Banks have finally gotten wise about pricing well to generate multiple offers so they can pick and choose.

I'm sure your agent has set you up with an MLS search. Make sure you stay on top of watching for when new properties come on the market and jump on them quickly. In this price range, it's very much like the market was back in the early part of the 2000's decade.
0 votes
Patrick Howa…, Agent, Edina, MN
Mon Jan 25, 2010
With the first time home buyer tax credit until the end of April there will be a lot of competition for homes under $250,000. Seller's are putting their homes on the market sooner than usual to take advantage of this opportunity. There should be more homes coming on the market into the spring as well. I would caution you, however, that many of the homes in this price range are short sales which normally take an extended period of time to complete and could put your tax credit possibility in jeopardy the closer it gets to the deadline.
0 votes
Kathleen Lor…, Agent, Baxter, MN
Mon Jan 25, 2010
Many more homes will be entering the market in your area soon. Here in the Brainerd Lakes things are picking up and new listings are hitting the market weekly. Buyers are also coming out of hibernation and realizing that the Tax Credits end in April.
Web Reference:  http://topbrainerdagent.com
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