Is the MN housing/Twin Cities’ real estate market hot or cold these days? A snapshot of how it’s doing as of June 14 shows that it’s hot.
For instance, for the week ending on June 14, new listings were up 5.9% and inventory increased 6.5%. To put that in perspective, the Twin Cities region had over 2,000 properties newly listed, and overall there were almost 17,000 available for sale in the marketplace. Not too shabby!
2014 is turning out to be a decent year for real estate transactions in Minnesota, as the economy hums along and people seem to have good jobs, which translates into having the stability and the money needed to put a down payment down on a new house and/or make mortgage payments toward fully owning their own place.
A good gauge of how a market is doing is the median sales price. In the Twin Cities, the median sales price for MN housing increased from the prior year. In 2014, the median sales price is $210,000. Furthermore, the percent of original list price received is 96.8%, which means most sellers are getting paid what they want to get paid for their house.
The number of days “on the market” decreased by 7% in recent times to 80. So, if you were wondering how long it takes before the average house sells locally, it’s about 80 days.
MN Down Payment Assistance is helping people get the homes they want in Minnesota. With financial assistance available for first time home buyers in the form of the MN Housing Mortgage Credit Certificate, buyers may be able to claim up to 35% of their mortgage interest as a federal income tax credit each year (Consult with your tax advisor for further information regarding deductibility of interest and charges.) Many people take advantage of this program because it could reduce their federal income tax liability and possibly save them up to $2,000 per year (Consult with your tax advisor for further information regarding deductibility of interest and charges.) The MCC program also involves low-interest mortgage options and access to loans for help with making a down payment and/or closing costs.
If you’re interested in MN housing, please call Lake Area Mortgage at 651-209-2900 or email infoLAM@lakeareamtg.com to discuss available options to help you get into a new home.