Buyer activity in the Twin Cities housing market continued its strong run in July, according to the Minneapolis Area Association of REALTORS® (MAAR) based on data from the Regional Multiple Listing Service of Minnesota, Inc.
For the 13th consecutive month, there were more pending sales than there were a year ago. July saw 5,174 signed purchase agreements, up 16.0 % from July 2008 and the strongest July showing since 2005. Of these sales, 43.6 % were lender-mediated foreclosures and short sales.
What does this mean? It means that buyers are very active and the housing supply is shrinking. We started to see the first signs of the housing market correction last year, and we’ve come a long way. But make no mistake, there is still plenty more than has to happen to balance out the market.
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If you think the price is fair enough, you may pay it in full price and negotiate for a lower interest or ask for a smaller down payment. Try to maximize the opportunity so that you would have a great deal of your money.
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