Foreclosures and Multiple Offers

It sure appears that the Minneapolis real estate market is heating up a bit in the under $200,000 market. Multiple offers are happening on well priced and good conditioned homes that have been foreclosed on or in a short sale situation. With the Federal tax credit now in place for 2009, buyers are taking advantage of low interest rates to make their move to buy. One wonders if this pent up demand will clear enough out a large number of lender mediated homes to get this residential market back to normal. Only time will tell.

Ray Klotz - Edina Realty