Twin Cities Real Estate Update

It seems like ages ago when I last provided an update for the local Twin Cities real estate market, due in part to the changes that have been underway. Whether you are a Buyer or a Seller, the general trend is good - here are some reasons why:

• Conforming home loan rates remain at historic 40-year lows;
• First-time home buyers are eligible for a $8,000 tax credit if they purchase before December 1, 2009;
• The number of homes available for sale in the Twin Cities is over 20% lower today than a year ago;
• The housing affordability index is a record 219 right now, meaning the median household income in the Twin Cities is 219% over that required to purchase the median priced home.

It is truly a perfect storm for buying a home. I'll let the Minneapolis Association of Realtors explain this in a bit more detail:

http://www.youtube.com/watch?v=KXbOx925NbM

So . . . what could anyone be waiting for?