Monday, February 25, 2008

February 25, 2008

Interest Rates rose again today to 6.125% 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 purchases. That is very good news.

Current listing inventory - 211 active listings in Owatonna as of today. The active listing count has remained stable the last few weeks and that is a good sign because we have seen the pending count climb. Open houses on Saturday were awesome, all 3 members of our group hosted Open Houses and we had traffic through all of the houses. That is a great sign that things are picking up.

The number of pending listings remained at 26 houses. Again this is a good sign as we continue to see the pending count rise it means homes are receiving acceptable offers to purchase.

There have been 25 properties Closed so far in 2008. The under $200,000 market has been the strongest so far this year. Almost 80% of the homes sold so far in 2008 have fallen in this price range. Only 4 homes above $209,900 have closed in 2008.

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