Newly signed purchase agreements for the week ending August 11th are down 12% from this exact time in 2006. Thankfully, builders and sellers have slowed a bit in putting new properties on the market, with 2007 seeing a 3.3% decrease compared to 2006 in new listings processed.
Currently, there still remains many active listings on the MLS in the 13 county metro area. Many home sellers are seeing increased market time, with price and condition remaining as crucial as ever.
On the other hand, the short sale and bank owned market here in the Twin Cities is continuing to see high inventory numbers AND high sales numbers. A short sale occurs essentially when the seller is unable to sell the property for what he or she owes on it. The bank takes a loss on it. It should be noted, banks by and large prefer a short sale over a foreclosure. In the case of the foreclosure, the bank loses even a greater amount of money.
If you are a seller who is experiencing a tough situation and needs to avoid foreclosure, you may look at the possiblity of doing a short sale. Please call us at 651-398-6261 for more information. The Singhal Team is here to help you through this process and difficult time period.
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