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If you pick up the paper and read through the sheriff sales notices you still see several in their in most areas on a weekly basis. According to the Minnesota Foreclosure report there were about 54,000 households are still struggling with their mortgage.
On a positive note Foreclosures were down 17% from their peak in 2007. In 2011 21,298 houses sold at sheriff sale. Overall the percentage of foreclosures dropped in nearly every county with several western Minnesota counties having the fewest.
The Twin Cities metro area with the heaviest population of course suffered the most foreclosures. As a real estate agent I do notice there are less bank owned REO listings available. They are coming on the market and selling fast. We are not in the clear as their are certainly many more yet to hit the market, but the fact that the number of foreclosures are going down, and the number of buyers are going up, means we are heading toward in better Real Estate market overall.
Today heading home near St. Francis my wife noticed this car sitting in the melting, puddle filled (barely icy) lake. It looked like a couple guys and a younger boy and a car on the lake. It was cold yesterday but today as I took this photo my temperature gauge said 62 degrees. This does not seem safe or smart???
Its been a very ACTIVE first 9 days of March! March is my favorite month. Its my birthday month, I love the college basketball tournaments and its the month we start to get a taste of Spring in Minnesota.
March for Real Estate in the Minnesota Real Estate market most often means increased activity. Wow! This month the activity is off the charts so far. I started the month with 5 straight days with an accepted offer. At this point we are waiting to get through the inspection on one of them, but the other 4 are good to go.
Unfortunately one appraisal from a February sale came in low so now we are having to cancel that sale, and back on the search for a great home for that buyer. I have 3 more offers out there, and I think in that time there were about 6 offers that did not come together for one reason or another.
The main reason an offer does not get accepted is because it seems like almost every home is attracting multiple offers. Thus, as a buyer your competing against 1 or more buyers for the house. I think one of the offers a buyer I am working with missed on had 10 offers. We bid over the price and did not get it.
Yes! Homes are getting bid up to over asking price. In some cases they are actually going well above the asking price. If you are in the price range that is under $150k, it is real hard to find a home. They are selling really really fast.
So if your ready to look for a home, get your finances in order. With the homes selling so fast it does not pay to look if you don't have a loan approval. Once you starting looking get ready to jump on the home you like. If you don't, someone will!
(I warned everyone of this month ago!)
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I work with buyer, sellers and investors! I specialize in helping first time home buyers! I am also a life coach, helping people breakthrough barriers to find prosperity in all areas of their life.
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