Aaron Dickinson and MAAR Publish Report on Foreclosures and Short Sales on Twin Cities MLS

Check it out now

Posted by Aaron Dickinson - Edina Realty on 05-05-2008 at 11:05 pm
Posted in Info for Buyers, Info for Sellers, Market Stats, Opinion with 0 Comments

Short Sales are Locking Up Minneapolis/St. Paul Buyers

With so many short sale listings on the MLS in the Twin Cities right now, there are a lot of buyers that are “locked up” in offers on these properties for weeks… and months… with the high probability that they will ultimately not be able to purchase the house at the price they offered.  See my previous article for more background on my short sale experiences.

Since many times the eventual response from the bank is a no or “you need to bring your offer up x%” or the buyer gets outbid by a later offer, these properties could be tying up significant numbers of buyers who would otherwise be purchasing (and closing!) on another property.  This weekend I was told there were 4 offers on a short sale I was showing to my buyer.  That means 4 houses with ready, willing and able sellers (”traditional sellers”) are stuck waiting for the bank to reject 3 or all 4 offers sometime in the next 30 - 75 days before they’ll get their chance at those buyers.

Posted by Aaron Dickinson - Edina Realty on 05-04-2008 at 05:05 pm
Posted in Foreclosures & Short Sales, Info for Buyers, Info for Sellers, Opinion, Personal Experiences with 0 Comments

Twin Cities MLS Listings Nearing Peak

The Minneapolis/St. Paul market seems to be nearing a point of “peak inventory.”  Since the 1st of the year, our year-over-year inventory numbers have been narrowing dramatically… to the point that they are almost even. What this means for us is that when homes for sale hit their annual peak this summer before the seasonal fall-off, that may be the most houses we’ll see for sale at one time for many years to come.

Traditional sellers have not been listing homes on the MLS nearly as much this year as they did last year and new construction has backed off as well.  Once we eliminate many of these foreclosures from the market and we see fewer of them come on the market, then we are likely to see a draw down in active listings.

While falling inventory for sale isn’t a sign that our market has hit bottom, it is a sign that the market is closer to finding an equilibrium.

Posted by Aaron Dickinson - Edina Realty on 04-19-2008 at 11:04 pm
Posted in Info for Buyers, Info for Sellers, Market Stats, New Listings with 0 Comments

Is Now a Good Time to Buy?

Leave it to a loan officer to give the best explanation for why buyers may want to consider a purchase right now:  http://www.themortgagereports.com/2008/03/stop-asking-you.html

Posted by Aaron Dickinson - Edina Realty on 03-31-2008 at 08:03 pm
Posted in Info for Buyers, Mortgage Market, Opinion with 0 Comments

Please Respond to this Poll

I’ve got a poll running regarding the number of short sales and foreclosures on the MLS on my other blog that I’d like to see responses to.  Please go over and visit and submit your opinion!

Posted by Aaron Dickinson - Edina Realty on 03-28-2008 at 08:03 am
Posted in General with 0 Comments