We have a few Real Estate highlights for the week…
Today’s Home Buyer: What does today’s buyer look like? Can home buyers be profiled? We can watch a criminal profiling program on TV any night of the week. We also know reality TV shows attract a certain “type” of person. So, is it possible to profile today’s buyer? Is there a certain “type” of person that is more likely than other people to be looking at and purchasing a home? According to the National Association of Realtors, the answer is a resounding, YES!
In Minnesota, first-time-buyers are now 41% of the home purchasing market. Young and old alike are discovering and capturing the benefits of home ownership. As current home owners know, this contributes to their personal wealth accumulation, and provides other financial, social and personal rewards. The median age of today’s Minnesota home shopper is 37 and the median income is $80,360. Our personal experience in Central Minnesota has been with a younger, less financially established group of buyers. Married couples make up 58% (7% lower than the national average) of the buyer market, with single females comprising 19% and single males totaling 13% of the buyer market. Childless home buyers are 55% of the purchasing consumers while 21% have a single child. The first time buyer probably rented (73%) or lived with parents (24%). Only 10% of all buyers purchased a home because of the affordability of today’s homes. The leading reason for purchasing was the simple desire to own their own home.
Homes For Sale — DOWN, DOWN, DOWN: We are often asked: Is now a good time to sell? If we review the current inventory of homes for sale in the St. Cloud area (Sartell, Sauk Rapids, St. Joseph, Waite Park, St. Cloud) the answer is yes. Now is the time to be “on-the-market”. From January 2011 to January 2013 the number of homes for sale is down 36%. In 2011 there were 918 homes for sale, in 2012 there were 705 homes for sale and in 2013 the market has 585 homes on-the-market for sale. As demand increases and inventory declines, we will see prices begin to move upward.
25 Days of January: The Tami and Steve Team is off to another record start. Five of the team’s listings sold this week and we are setting pace with our fourteen-year-average, A Home Sold Every 2 1/2 Days! Ten homes sold in the first 25 Days of January!
Welcome to Spring!