Fall 2009 Lakeville Real Estate Update

The real estate market in the Lakeville, Minnesota area continues to be challenging for sellers and great for buyers! The exception is the lower priced first time home buyer market. These houses are highly sought after because of their low price and the $8,000 first time home buyer tax credit. We’re seeing a lot of activity and multiple offers on these properties, especially the distressed short sale and foreclosure houses. This will probably continue to be the case until the tax credit expires on November 30th or congress extends it. Many first time home buyers are having a tough time acquiring a home in this market, especially if they are trying to purchase one of the highly sought after foreclosure or short sale properties. Those who are willing to look at non-distressed houses are still finding great bargains.

I have a new listing at 20884 Jacquard Avenue in Lakeville that falls into the category of a non-distressed property in the first time home buyer price range. This 4BR/2BA split level home, built in 1989, is located between Lakeville South High School and Lakeview Elementary. It has an oversized 2 car garage, a large lot and is priced to sell at only $214,900. Give me a call for a private showing!

The economy is showing some signs of recovery which could lead to home price increases in 2010. The national real estate market as a whole has recently experienced a small price increase but we haven’t seen that here yet. If the economic recovery takes hold, the prospects for home sellers could be much brighter by next spring!

For those who need to sell now, home preparation, staging and pricing are critical!

Best wishes for a great Autumn!

Tom

Possibly related posts:

1. July 2008 Lakeville Real Estate Statistical Update
2. Lakeville Area Real Estate in 2009
3. May 2008 Lakeville Real Estate Update
4. August 2008 Lakeville Home Update!
5. March 2008 Lakeville Housing Update

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