Friday, February 29, 2008

February 29, 2008

Interest Rates fell this week to 5.75% for a 30 year fixed on February 22, 2008. Lenders, quite frankly are not helping the market right now. There are a large number of qualified buyers out there. We have heard through the grapevine that one major lender is going to be buying down the rate slightly on home purchase loans. That is very good news.

There are several good signs about the real estate market here in Owatonna.

Current real estate listing inventory - 212 active listings in Owatonna as of today. The active listing count has remained stable the last few weeks. The fact that the active listing count has not climbed dramatically is a good thing for home sellers. As we have posted in the past, 175-180 lostings would be a fairly balanced market in Owatonna. We currently are still in a buyers market but not as severly as June-July 2007. There are still a wonderful deals out there for buyers to jump on. We are including links to two of those properties here.
455 Fairview,Owatonna $119,900 , 1340 Autumn Dr, Owatonna, MN

The number of pending listings remained stable at 26 houses. This is also a good sign as we continue to see the pending count stay stable and not fall.

There have been 29 properties Closed so far in 2008. We continue to see the closed listing count rise slowly. That is very good.

We are posting several new reports here starting today. They are comparison charts for the active, pending & sold listings. Please take a look and let us know what you think of these. Active Comparison Chart - Pending Comparison Chart - Closed Comparison Chart . We will continue to post new statistics and charts here.

Buyers are continuing to purchase homes and as we see interest rates creep down again we will see more buyers come off the fence and complete a purchase. Home sellers the questions to ask yourselves are these: Am I ready to sell now or am I just waiting for the market to turn? Are buyers finding the price attractive enough to write an Offer to Ourchase? If the answers to these questions are "NO" or "I'm not sure", then you aren't a true seller. Our current market is a very proactive market, we need to do things that will capture the attention of the buying public.

Please continue to give us feedback via comments here, by phone 507-390-2121 or email us,


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