Information on the housing market and tips on how to buy and sell a home in Minneapolis/St Paul. Specializing in Lakeshore and Acreage homes.
Friday, March 20, 2009
March 2009 Video Update--Twin Cities Real Estate Market on Path to Recovery
Spring has sprung and with it comes a new video from the Minneapolis Association of REALTORS. The March Monthly skinny once again shows that the market appears to be making moves in the right direction. Pending sales are up 7.4% from this time last year. This is great news but it is also noted that over 60% of the pending sales are lender mediated (i.e. bank owned or short sale homes). The affordability index is nearly 90% higher on lender mediated properties than on homes sold by traditional sellers.
What is the Affordability Index?
When the affordability index is at 239 as mentioned in the video for lender mediated homes, it means that the median Twin Cities income is 239% higher than what is needed to qualify for the median priced Twin Cities home.
Check out the video for more indicators that the Twin Cities housing market is on track for a slow but steady recovery.
