Hottest Town in the Midwest: It's a Buyer's Market in Minneapolis
In 2007, the housing market in Minneapolis, Minnesota continues to take a turn for the better as far as buyers are concerned. There are plenty of homes to choose from and prices are falling - fact here. The temperate climate for buyers won't last forever though. Minneapolis remains a great place to live and with fewer new homes being built and 1,000 fewer houses being listed every month since May, industry experts expect that the market will start to swing toward sellers again within the next two years.
The nature of the current buyer's market in Minneapolis follows the laws of supply and demand. A nationwide building frenzy has simply flooded the market with more homes than there are buyers. The Minneapolis Area Association of Realtors reported that there were nearly nine houses on the market for every buyer in August 2007. This high inventory exists in spite of the fact that the local economy is strong, interest rates are low and the median house price sits at virtually the same place it was two years ago - $233,000. What this all means is that if you are a buyer this year you have more haggle-power and are still enjoying high afford ability. You also have more choice than ever before: single family homes, warehouse lofts, high rises and condos are all in rich supply.
Think Minneapolis is just another mid-west town? Think again. World class architecture, theater, art and design were some of the features Frommers editors cited when they picked Minneapolis as one of the top places in the world to visit in 2007 - along with Toyo, Zurich and Panama. By all accounts, the quality of life in Minneapolis is high. The Mississppi River and a series of lakes run through the beautifully designed downtown core and every home in the city is within a half mile of public greenspace. Proud of it's good health and environmentalism, Minneapolis was also chosen as one of the 5 cleanest cities in the world by Forbes and one of the top ten cities overall by the Earth Day Network in 2007. One of the main centers of trade in the country, Minneapolis residents also enjoy a thriving economy and growing job market. Combine this with such good prices on new homes and out-of-towners should ask themselves why they don't live here already!
(ArticlesBase SC #206961)
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