January has started off great! Between Thanksgiving and Christmas the market slowed down dramatically (as is normal for the time of year) but has since picked up nicely. Many homes that were still for sale in late 2003 expired close to the end of the year and I am seeing some of those houses come back on the market, as well as some new homes. Interest rates are still hovering around 5.75% on a 30 year fixed rate loan which means buyers still have ample opportunity to take advantage of the good deals in the market right now.
I expect January to be more active than December but there will be an even greater pickup of new listings and new buyers in February and March. While I am still waiting to see final compiled statistics, 2003 will go in the record books as the best year in Twin Cities real estate history. With the stock market continuing to push upward, jobless claims continuing to fall, low interest rates, and warmer months ahead, we are shaping up for another strong “Spring Market” for real estate sales.
If you are a buyer, this is absolutely the best time to make an offer… before most buyers hit the market in the coming months. If you are a seller, you should be working on preparing your home for sale now. Please see my tips for suggestions on how to prepare your home for showings.