Now that July is finally here, we can take a look at some of the early summer trends in the mn housing market for 2010. Particularly, we are concerned with what the market conditions look like from the perspective of a first time home buyer in mn.
The Tax Credit incentive is now gone for buyers looking at homes, so the market is showings signs of decreased demand, which is due in large part to the fact that a lot of buyers who would have bought during the summer actually bought during the spring in order to qualify for the federal home buyer tax credits.
The number of homes for sale is still stable, but slightly tipped in the buyer’s favor.
This video is provided by the Minneapolis Association of REALTORs. Click “play” to see this month’s summary of the market, and determine if this might be the time to start looking for your first home!
Low rates, great prices on homes…. makes for a fantastic time to buy! First time buyers need to know about all the down payment assistance programs and closing cost assistance programs available. Renters could have a mortgage payment equal or less than their monthly rent!
This is great news for first time buyers. It gives them more power to negotiate the best scenario for themselves AND gives them some time to make a decision on whether a house is right for them. Thanks for the info!