Lakeville Area Real Estate in 2009

I’m cautiously optimistic that 2009 will bring some better news for the economy and the real estate market! We seem to be hit by one bad headline after the next, but, as bad as it has been here, many areas have been hit harder, according to the S&P/Case-Shiller home price index:

- If you purchased a home in the Twin Cities metropolitan area in January of 2000 it should now be worth about 35% more now than it was then. If you had purchased a home in the Detroit metropolitan area in 2000 it’s worth around 14% less now than it was in 2000!
- Over the past year our average home price has dropped around 16%, while homes in Las Vegas or Phoenix have lost twice that – around 32% of their value!

One big positive in this current market is that home mortgage interest rates are hovering in the 5% range. These are some of the lowest rates in history and present a great opportunity for those who can lock them in!

Home sellers are in a bind because of all the foreclosures flooding the market. But many buyers would rather purchase a home that isn’t in foreclosure because of the potential pitfalls, and generally poor condition, of foreclosed homes. A seller can still be successful if they stage their home to sell, price it aggressively and utilize the services of a good real estate agent! You will then be in a great position for your next purchase because of today’s low prices and interest rates! This is one of the greatest buying opportunities you will ever see!

Also, for those in the market for a rental property, you can now achieve a positive cash flow and start making money immediately, which is something we haven’t seen for many years! Lakeville real estate is one of the best values in the metropolitan area!

If you have any questions or would like a free market analysis give me a call at 612-701-2149 or email me at tom@tomhakala.com.

Here’s to a better year in 2009!

Possibly related posts:

1. Fall 2009 Lakeville Real Estate Update
2. May 2008 Lakeville Real Estate Update
3. July 2008 Lakeville Real Estate Statistical Update
4. Lakeville Real Estate Statistics
5. January 2009 Lakeville Home Statistical Update!

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