The inventory of homes on the market has been low all year. Right now we have about a 5 month supply or homes for sale in St. Paul. Absoption rates measure how long it would take for all of the homes on the market to be sold if no more homes were put on the market and buyers continued to buy them at the same rate.
We have has less than a 4 month supply of homes on the market for most of the year. Inventory shortages have eased up.
The data used to make the chart came from the Northstar MLS which is deemed reliable but not guaranteed. These numbers are not harmful to children or pets if swallowed but I can not guarantee that either.
Real estate is local. Here are some numbers for the Month of November 2013. We are experiencing the normal seasonal slowdown. The median home prices went down slightly from the 144K we saw in October 2013 to 142,500. It is normal for home prices to go down a little toward the end of the year before they rise again in January. Median home prices are up 12,000 from November 2012.
The numbers look similar to last years numbers as ar as how many homes are on the market and how many are selling. November 2012 numbers were a little better. the inventory of homes on the market is declining again but this time it isn't because more homes are being bought but because fewer are going on the market.
Buyers are complaining about not having enough choices and some sellers are having a real hard time selling homes that are even slightly over priced. Invesotrs are out and about making low offers hoping to score a bargain.
For more local real estate numbers for St. Paul Minnesota go to: Local market conditions and home prices
The numbers used to make these reports are taken from the Northstar MLS which is deemed reliable but not guaranteed. No animals or human were harmed in the preparation of these numbers.
Nothing says I don't care like a home with a pile of snow in front of it in mid-July. The homes only have snow in front of them in the pictures but those pictures are seen by buyers when they look on the internet.
It is a good idea to take a new exterior picture of a home that is for sale each time the seasons change. No home should be on the market for all four seasons, but it isn't at all usual to hit two seasons.
Last week after out first big snow I went out and took new pictures of my listings. I kept the old ones in the MLS so people can see what the homes look like in the Fall. One of them had this beautiful maple tree with bright red leaves in front of it when I took the original picture.
The best times of day to photograph homes when there is snow in the yard is shortly after sunrise or just before sunset. I got these between 4:00 and 5:00 PM the day after the heavy snow fall. Snow always looks better when it is fresh.
Buyers are out looking at homes even though it is the holiday season but the severe cold this weekend will slow things down. Some buyers don't like going house hunting in sub zero weather and there have been some showing cancellations. The good news is that it won't stay this cold forever and buyers do make offers on homes during the winter.
It is Friday and Fridays are for fun. Sunrises are gorgeous this time of year but they are hard to photograph because of the cold so I thought I would share my latest late fall sunrise.
The picture was taken from the Smith Avenue Highbridge just like the picture on my blog banner and is of the Mississippi River and downtown St. Paul.
Buying a house isn't like going to a [fill in the blank store] and buying shoes. In a store you just go to the cash register and pay what ever is on the price tag.
Making an offer on a home is different. Buyers usually offer less than the sticker price. Most sellers are prepared to accept at least a little less than the asking price but sometimes they get more than the asking price if there are multiple offers.In most cases offers have to be negotiated.
That means that buyers will make an offer and sellers will say they like the offer but they want a different closing date or they want more money or they don't want to pay the buyers closing costs.
Buyers should make an offer based on the value of the home. Occasionaly I get offers on my listings based on what a buyer can afford. Sellers usually don't care how much buyers can afford and are not going to lower their price based on how much money a buyer has.
The only way negotiations work is if both parties give a little. Buyers who do not want to negotiate should just state up front that the offer is their best and highest offer. Sellers who do not wish to negotiate can simply state that the price and terms are not negotiable .
Buyers never really know what a sellers bottom line is and sellers never really know how high buyers will go.
© 2005 - 2013 Teresa Boardman St. Paul Real Estate Blog