October 31, 2007

The Fed Lowers Interest Rates Oct. 31 (Bloomberg) -- The Federal Reserve cut its benchmark interest rate by a quarter point to 4.5 percent and signaled it's reluctant to lower borrowing costs further.

Interest Rates rose slightly 6.000% on October 31, 2007.

Our new Market Absorption Chart is available. It shows the market activity by price range. This allows you to see which price ranges are selling more quickly than others. For example, instead of pricing your home at $305,000, where there is a 12.8 month supply of homes it would be better to price it at $299,999 where there is only a 4.3 month supply of homes to be sold.

October 29, 2007

Current listing inventory - 232 active listings in Owatonna as of today. Average days on the market in Owatonna has edged up slightly to 163 days. The number of pending listings has slid to 43 houses. Average days on the is at 99 days. There have been 335 properties Closed properties since 01-01-07, with an average days on market time of 116 days. We expect to see the pending count drop considerably as we reach the end of the month. We should also see the closed count climb as well.

Interest Rates remained stable at 5.875% on October 25, 2007. Interest rates have fallen recently on the expectation that the Fed will cut rates again at their next meeting.

Our new Market Absorption Chart is available. It shows the market activity by price range. This allows you to see which price ranges are selling more quickly than others. For example, instead of pricing your home at $305,000, where there is a 12.8 month supply of homes it would be better to price it at $299,999 where there is only a 4.3 month supply of homes to be sold.

Just a reminder, in addition to this market condition blog, we represent buyers and sellers in real estate transactions in and around the Owatonna area. If you are thinking of buying or selling a home or know of some one that is, please give us a call (507) 390-2121.

As you can see, we are current on what is happening in the local real estate market.

October 26, 2007

Current listing inventory - 232 active listings in Owatonna as of today. Inventory is up one house over the last several days. Average days on the market in Owatonna has crept down slightly to 160 days. The newer listings are continuing to see offers. It would be great to see the number of active listings drop below 200 by 12-31-07. The number of pending listings has climbed to 46 houses. Average days on the market has risen slightly but is still significantly lower than the active listings at 101 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. We expect to see the pending count drop considerably next week as we reach the end of the month. We should also see the closed count climb as well.

Interest Rates fell a little lower this week to 5.875% on October 25, 2007. Interest rates have fallen on the expectation that the Fed will cut rates again at their meeting next week.

Housing news this week was mixed New Home Sales were up in September but not as much as hoped for while Existing Home Sales fell.

Just a reminder, in addition to this market condition blog, we represent buyers and sellers in real estate transactions in and around the Owatonna area. If you are thinking of buying or selling a home or know of some one that is, please give us a call (507) 390-2121.

We're sure you can see that we are current on what is happening in the local real estate market.

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.

Corrections Made

We want to apologize to all of you you hace tried to view the Closed listings the last several weeks. We just found out they were linking to the wrong document. We have fixed all of the links, thank you for the e-mails pointing this out. As always, feel free to post a comment or send an e-mail if you notice a mistake in this blog.

Thanks,

The Bartley Group