“Sellers well outpaced buyers, suggesting prices should fall. Instead, prices are inching their way up to prerecession levels,” the report said. Real estate professionals and analyst interpret the trend as a “sign of new health in the slow crawl back from the 2008 collapse.”
Realtor Derek Jopp said, “People have heard the stories about home prices going up, so more of them are finally getting their homes ready to sell. And fewer people are underwater, so even if they’re not making money, at least they can come to closing with less cash out of pocket.”
Traditional buyers are also fueling the market’s recovery and are quickly bumping “bargain-hunting investors” who helped buoy the market during the beginning of the recovery.
Properties have been priced higher due to mortgage delinquencies, with mortgage-tied property sales sharing less than 10 percent of the transactions during the previous month, representing a 37 decline from last year. This narrows down the choices of homes to buyers in general.
The situation is not entirely bad, however, and is especially favorable for buyers wanting to upgrade. The report noted that buyers are also in a “better position than they’ve been in several years.”
According to the report, inventory is sitting at its all-time high since June 2012, while mortgage interest rates are down at record lows at 4.2 percent.
Data from the Minneapolis Area Association of Realtors showed there were 8,015 listings on the market, though only 5,198 of these listings had been sold. It represented a 10 percent dip in closed transactions, and a 10 percent inventory decline, according to the report.
Despite this, home prices still went up by 3.4 percent to $215, 000, the report added.
Now seems like a perfect time for realtors to encouraging sellers to sell their homes. RealBiz Media Group, Inc. (OTCQB: RBIZ), a digital media company based in Florida, develops online real estate technologies that agents can use to promote their listings in the recovering Twin Cities real estate market.
Its disruptive marketing platforms Nestbuilder Agent and Microvideo App, are two platforms that agents can use to create their websites, profile pages, and video listings using SEO and the latest technologies in online real estate marketing.
Nestbuilder Agent is targeted at real estate agents who are looking for a marketing tool to create professional virtual tours and videos for their marketing campaigns. The platform is an agent-facing feature of Realbiz Media’s consumer site Nestbuilder.com.
The Microvideo App, meanwhile, is an automated video marketing platform targeted at enterprise clients. It allows agents and their brokers to create seamless and mobile-capable videos and virtual tours, as well as microsites where they can keep their clients informed about their brands, and community events.
The platform also features a dashboard where agents and brokers can communicate and collaborate with each other as well as a data analytics dashboard that allow agents to monitor their campaign and follow leads.
To learn more about how Realbiz Media can help you with your marketing initiatives in Twin Cities, contact Realbiz Media via its toll free number: 1.888.REAL.BIZ (888.732.5249) or email: firstname.lastname@example.org.