Real Estate News-
Nationally, we are paying close attention to see what the government is going to do regarding the purchase of mortgage backed securities and the Tax Home Credit. Ending either of the two programs will affect real estate market activity.
If the government continues as scheduled to end the purchase of MBS at the end of March, rates will most likely tick up. The tax credit given to first time home buyers and to some existing home sellers is a great incentive to purchase a home.
Locally, we are seeing increased activity in the market compared to the prior year. The Spring market is on the horizon and activity has started early. Inventory in the Minnetonka area has declined significantly from prior years as good homes are selling. Consistently, the number of homes sold per month is more than the same month in the prior year. Homes at $500K and under have started to see some price stabilization. Upper bracket home prices continues to suffer as inventory levels remain high. Prices on Lake Minnetonka have come down to prices not seen in years.
We all hear about the next wave of foreclosures coming, but in the Minnetonka Area we continue to see just a steady trickle. Hopefully the wave will stop at the coasts. Job growth/cuts will probably play the biggest factor in 2010 regarding the number of foreclosures in the Minnetonka area. Short Sales will also play a large role this year.
We are looking forward to the Spring Market, which seems to be getting an early start, and helping you with any of your real estate needs.
The Zinn Family Realtors
New Listings:
5585 Harding Lane–359,900—Two-story on a large lot in the Minnetonka School District. 4bd up and finished lower level. Great home and location.
Just Reduced
1691 koennen–279,500—Three level split near Excelsior and the Lake Minnetonka Area
Just reduced:
16922 Grays Bay Blvd—749,900—Great home on milfoil free Grays Bay.
Coming soon:
$2M home on Lake Minnetonka in Cottagewood
$600K rambler in Chanhassen
$200K home in Excelsior
2010 Zinn Sold Mine:
5970 Apple—272,500
1180 Tonkawa-1,900,000
5750 Marsh Pointe Drive—625,000
