So, you’ve been sitting on the sidelines waiting for just the right time to jump into the Blaine housing market to purchase a home. Guess what? That wasn’t wise, and here’s why: All markets are cyclical, including the housing market. You can watch all the economic indicators available and still be getting only part of the story.
The best time to buy a house? When you have the money, or a loan commitment.
Don’t get me wrong; it’s understandable that homebuyers want to jump into the market when they are likely to get the most bang for their buck. Unless you’re an expert, however, you may just wait too long.
Let’s take a look at what went on during the month of May in Blaine’s housing market.
The good news for buyers is that more homeowners are feeling confident about the market and deciding to list their Blaine homes for sale. New listings increased 8 percent over last month and the inventory of available homes has swollen by more than 21 percent from May of last year.
Blaine Home Sellers
The good news for sellers is that, although median home prices have gone down in the metro region overall, Blaine’s median home price has increased more than 13 percent over those of last year to $215,000.
Interestingly, the number of closed sales is down almost 7 percent from last year, which may just be a reflection of our depleted inventory last year and for the first few months this year.
“With inventory up, consumers now have the largest pool of homes for sale in almost a year,” claims Aubray Earhardt with the Minneapolis Area Association of REALTORS®.
As long as our economy continues to hum along, with unemployment, job growth, and consumer confidence showing improvement, the Blaine real estate market market should remain in good shape.
Photo used under Creative Commons from Alan Cleaver