A look ahead to the coming year at the Twin Cities real estate market indicates that a short supply of listings will lead increased home prices and shorter market times for listed homes. Median home sales prices increased 14.4% in 2013 and the sales of homes in foreclosure or short sale decreased from 50% of all sales in 2011 to 26.4% in 2013. Many people that are interested in selling their homes are no longer mortgaged beyond their market value and are seeing less competition from bank-owned properties. These favorable factors for home sellers still have not been enough to increase the inventory of home for sale and the tight supply has contributed to and increase in new home construction. These market factors are expected to remain in 2014, but the Twin Cities real estate market appears to be on a road to recovery and stabilization. If you thinking of selling your home in 2014 it may be a good time to explore your options and find out your home’s current market value.
Welbes, J. (2014, January 12). Twin Cities home prices still recovering, but inventory remains tight. St. Paul Pioneer Press.
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