Real Estate Forums

minneapolis-real-estate · 09-15-2008, 08:39 AM

I'm curious what other real estate agents and buyers are experiencing in their local marketplace in regards to first time home buyers? Are you finding first time buyers buying at the same pace, increased, etc?

Here in Minneapolis, because of course we have so many homes for sale on the MLS, buyers are being afforded outstanding options. And with interest rates so low, and still so many oustanding first time home buyer programs available here in Minnesota, our team has found an increased level of buying activity.

There is no doubt the first time buyer is wanting to generally see alot of homes still. However, we have found alot of them taking advantage of this unique real estate market that we are in.

Again, that is what we are finding here in Minneapolis. Curious as to what other agents or buyers are finding in their local marketplace?

Thanks in advance!

agentsranking · 02-25-2009, 07:50 PM

I have been surprised to see so many homes selling for over list price. An associate of mine offered $40k over list price on a bank owned property in Longfellow a few weeks ago and got beat out by another investor. The buyers are coming out of the woodwork to pick up the good deals in and around Minneapolis.

mrbrian · 02-26-2009, 06:45 AM

With the low interest rates and first time buyer incentive, I would think more buyers would be looking. Unfortunately, most do not take the time to complete the first step of talking to a lender to get pre approved and just start looking.

Without knowing how much they can be approved for, or if they can even get approved at all, they are wasting their time. Potential buyers often get their hopes up to only be crushed when they find out they have to start all over again because they have been looking at homes out of their price range.

Educating themselves is very important for first time buyers.

agentsranking · 02-26-2009, 08:06 PM

Not only does the buyer get frustrated if they find out that they've been looking at houses they can't afford; think about the poor real estate agent who has been wasting their time driving all over town.

Lakeshore Lad · 05-06-2009, 10:27 AM

Here on the West coast...of Michigan, we have been seeing a huge increase in first time buyer activity. The stimulus news has really started to take effect on this part of the market. Foreclosures, low interest rates, and $8,000 in your pocket, how can there be a better time to be a first time buyer?

Dallas Broker · 07-12-2009, 01:51 PM

Dallas Fort Worth real estate market is slowly recovering...rental market is doing great on residential side...commerical vacancy rates are still very high. If you're looking to buy, there is a lot of inventory, great prices and low rates. If you're selling, in most places you are doing good to break even....

mrbrian · 07-17-2009, 08:05 AM

My market has shown definite signs of improvement. I personally have seen my number unique visitors to my site double in the past month alone.