Home Sales and New Construction Homes on the Rise

We have all noticed it… Fewer “for sale” signs in front yards and now we are seeing “SOLD” signs clipped to the signs! Yes, inventories are down and buyer activity is up. I've said it before, the economic lines of supply and demand are moving toward each other.

We also know that things are improving when the “Oracle of Omaha” Warren Buffett is starting to buy up real estate brokerages. This year my own broker, Eric Malmberg, has purchase three brokerages in Spring Park, Excelsior and Minnetonka. We are going to expand our business in the Westonka area to new highs…  Listing inventory is down in the Mound, Westonka and entire Lake Minnetonka area. You can easily see that the number of lake homes for sale on Lake Minnetonka is down.

Another true sign of recovery is that the foreclosure levels have fallen to new lows in 62 major housing markets! Our brokerage of 10 offices has a behind the scenes view of the foreclosures in the pipeline and they are at their lowest level in years. The market will stabilize in 2013!

Availability of new construction homes are at some of their lowest levels in 50 years according to a major research group. Now, building permits are on the rise. It is the American dream to own a home and then it is a bonus to have it be brand-spanking-new!

With these fantastic interest rates the average home sale price this year has gone up as much as 12% in some areas. Yes, 12%! Of course, some of that is an increase in value and some is due to inflation. It sure beats the last few years.

Give me a call if you would like to discuss the real estate market in your neighborhood.

 
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