The housing market continues to post strong pending sales figures as fall progresses. For the week ending, pending sales were down from the week before but 42.9 percent greater than the same week last year.
The extension and expansion of the tax credit means that first-time home buyer activity will remain strong, but don't bank on the same blockbuster numbers we have seen this year. If you were a potential first-time home buyer who was qualified to purchase in 2009, odds are good that you already bought.
The fact that the income limits have been raised for eligibility does help since it widens the credit's availability. The $6,500 credit for second-time buyers will spur some sellers to put their homes on the market who had previously been on the fence.
New listings will likely strengthen this winter and into early 2010 as a result.
The gradual increase in demand for city living is having an impact on home prices. Benefiting the most from property price appreciation over the past five years are the core cities of Minneapolis and St. Paul. Next in line are some of the developing ex-urban areas and most of the first ring suburban communities.
Downtown Minneapolis Market remains dynamic. The combination of attractive new developments and demographic shift seeing "baby boomers", empty nesters seeking urban living opposed to suburbs.
This contributes to the commercial success of lofts in the North loop (Warehouse district) and Mill Ruins areas. Also latest High Rise projects like "The Carlyle" and the "Yvy Tower" have seen a strong interest from buyers. Both have seen over 90% of units reserved within the first two days of availibilty.
With a booming entertainment district circling Block E and a "Renaissance" of the Mississippi River banks, Downtown Minneapolis offers to date its best growth, leaving room yet for more affordable real estate. Projects to come...
Uptown Minneapolis shows a remaining interest for 'condo conversions". With yet a limited offer and continuously growing demand. Linden Hills neighborhood of Southwest Minneapolis has successfully joined the pack of conversion developments.
For more information about specific Minneapolis neighborhoods real estate markets, feel free to call Stephane @ 612-703-8229 or visit his website @ www.StephaneCattelin.com
ZIP Codes: 55401, 55402, 55403, 55407, 55409, 55410, 55416, 55408
About Stephane Cattelin:
A real estate professional, Stephane Cattelin provides exceptional service to home buyers and sellers in Minneapolis, South and Southwest, Edina, St. Louis Park, Richfield and Minnetonka. He specializes in residential properties for first time buyers, international transferees and relocation clients.
Stephane earned his master’s degree in France, majoring in hospitality industry management and marketing. He uses his award-winning customer service skills to help his real estate clients achieve a smooth transaction from contract to close. Stephane has experienced many personal moves; therefore he is empathetic to the stresses families encounter during a transition to a new home and works to make the experience a positive one.
Stephane combines traditional and high tech tools to market properties to the greatest number of potential buyers worldwide. With maximum internet exposure and target marketing strategies, Stephane works to sell your home for top dollar, in the shortest amount of time and with the least inconvenience to you.
Driven to provide exemplary customer service, Stephane can help you achieve your real estate goals.
Hear more about Stephane @ www.StephaneCattelin.com
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
