Thursday, March 13, 2008

North Metro Home Prices Plummet—No Wonder Activity is Picking Up!

The sales numbers are out for February 2008 and it comes as no surprise that the median price for a home in the north east metro Twin Cities has drop compared to the same period last year. No surprise to someone like me who as a Realtor works in Anoka, Chisago and Washington Counties everyday. Though it is hard to look at a double-digit drop in average prices, it is what is getting home buyers to start buying again.

Here are a few of the indicators I have noticed in the Ham Lake, Forest Lake and Lino Lakes areas:


  • Mortgage options have tightened.

  • Every appraisal is being scrutinized.

  • Home buyers don’t want to overpay.

  • Sellers are tired of waiting for their price.

  • Deals are now being negotiated.

I have noticed a marked change since mid-December in the north and east Twin Cities. Throughout the area, buyers and sellers are coming to agreements and the stagnant housing inventory is starting to move.

This is happening in areas closer to the cities first. Homes in areas like Hugo and White Bear Lake have less days on the market than those in Forest Lake, Linwood, Wyoming and Chisago. But homes in the north are starting to see more activity than in the past year.

When inventory starts moving, prices will level off. Now is a good time for home buyers to waiting on the sidelines to look at getting into the game. Deals are being made and your dream home could be waiting!

********************************************************

If you are buying, selling or relocating to Minnesota and need help from a professional Realtor, give me a call or visit my website for a FREE Relocation Packet. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2008 Teri Eckholm http://www.terieckholm.com/