As 2013 draws to a close, it’s clear that the real estate market has gained strength: home sales are up, prices have firmed, foreclosures are down and mortgage rates remain close to record lows.
“For a lot of people, the stronger real estate marketplace seen during the past year suggests that now is the time to buy a home,” said Ray Brousseau, Executive Vice President with Carrington Mortgage Services, a lender active in more than 40 states. “Not only are we seeing solid appreciation in most local markets, but at the same time interest rates are low and rental rates have gone up. The combination of rising real estate values, low mortgage rates and higher rents are causing many people to reconsider the rent-versus-buy question.
The Minneapolis Area Association of Realtors® in the Monthly Indicators report for November 2013 report stated that the Median Sales Price increased 13.4 percent to $195,000. Days on Market was down 26.5 percent to 75 days. Absorption rates (rate at which available homes are sold in a specific real estate market during a given time period) as Months Supply of Inventory was down 11.1 percent to 3.2 months.
Whether you are a first time homebuyer or thinking of selling your home and buying another, the real estate market continues to improve. To read more follow this link: http://finance.yahoo.com/news/real-estate-rent-buy-2014-110000740.html