A few details from the first quarter Market report 2010. The report is based around the Minneapolis market area, and while our local area is similar it will not follow exactly.
The Minneapolis market is showing a median home price during the first quarter at 162,000. Prices are down compared a year earlier and continue to weaken. Sales growth in Minnesota continues to be sluggish as well. Entering the summer months I am interested in seeing how the market looks as we are now done with some of the tax incentives.
On the upside, those looking at buying a home will find some incredible deals. Those who are distressed with the loss of equity might find that this is a great time to move up. You might take a loss on your current home from where you were hoping to be, but the home you can afford might surprise you. Interest rates are still at all time lows so this might be the perfect time to consider that move.