Monday, March 3, 2008

March 3, 2008

Interest Rates fell last week to 5.50% for a 30 year fixed on February 29, 2008. But are up again the morning to 5.625%. 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 - 209 active listings in Owatonna as of today. The active listing count has drpped slightly. The fact that the active listing count has not climbed 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 30 properties Closed so far in 2008. We continue to see the closed listing count rise slowly. That is very good.

We started posting several new reports here last week and will continue with those. 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 are already getting good feedback on the new charts.

Our main web site set a record again in February for the most number of unique visitors and the most number of visits since the inception of the site. We are hoping that is an indication of the increased interest in the Owatonna Real Estate market. Even this past weekend was very good and weekends are usually the slowest time of the week for our websites. We will continue to watch and report.

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

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