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Jeremy Redlinger

Minneapolis Home Values Increase

Monday, July 15, 2013 - Article by: Jeremy Redlinger - Movement Mortgage - Message

According to the Weekly Market Activity Report from the Minneapolis Area Association of Realtors, Minneaplis home values have increased 17.5 percent from one year ago reaching levels not seen since 2007.

The latest survey shows the Median Sales Price reaching $210,000 as distressed properties such as foreclosure and short sales make up less of the market share from one year ago.

The increase in sale prices has also given some previous underwater home owners the ability to sell their homes without suffering a hug loss.

Currently the market is showing that 97.5 percent of home sellers receive the original asking price and homes are on the market for an average of just 74 days.

If you are in the market to purchase a home, your first step is to talk to a Minnesota mortgage lender to make sure that your credit and financial profiles are update and support underwriting criteria to purchase a home.

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