October 24, 2007

Current listing inventory - 231 active listings in Owatonna as of today. Inventory has dropped just a bit more over the last several days. Average days on the market in Owatonna has jumped to 161 days. The newer listings are getting the offers and dropping out of active category leaving the older listings which drives up the days on market count. It would be great to see the number of active listings drop below 200 by 12-31-07. The number of pending listings has remained at 45 houses. Average days on the market has remained remarkably low at 92 days. This is due to quite a few of the new listings receiving offers within the first 10-15 days or so of being listed. There have been 330 properties Closed properties since 01-01-07, with an average days on market time of 116 days.

Interest rates are excellent and there are quite a few good loan programs available. Also many of the lenders are offering specials that will save you quite a bit of money on closing costs or loan processing fees.

Interest Rates remained stable at 6.000% on October 22, 2007.

Is it a buyers market? Yes it is, without a doubt. Buyers with no home home to sell, that are pre-approved with a lender have a wonderful selection of homes to choose from and some bargaining power. When you find a home you like, write an offer at the price that seems fair to you, don't be surprised if the sellers come back with a counter-offer. There are some bargains out there as we have mentioned in previous posts. However, you are for the most part, not shopping at the closeout rack. We are seeing deals go together much faster and easier when both parties are being realistic.

Try to listen to your Real Estate Professional and their suggestions of price.