Fewer Twin Cities Homeowners Underwater On Their Mortgage
Home prices in the Twin Cities continue to rise, and the number of homes owners who owe more on their home than what it is worth is decreasing. These two factors are more proof that the housing market is continuing to strengthen.
In the first quarter of this year 8 percent of homeowners in the Twin Cities area were underwater on their home mortgage loan. Meaning they owed more on their mortgage than their home was worth, according to the latest CoreLogic report. At this time last year the numbers were at 10.7 percent of all Twin Cities homeowners.
If you are in the market to buy a home this will impact you. The number of avilable homes on the market continues to be below normal levels, and when a homeowner is underwater on their mortgage loan they are less likely to put their home up for sale. With the number of underwater mortgage loans decreasing in the Twin Cities metro area, it frees up more owners the option to place their home on the market. This will increase the number of available homes on the market providing a broader selection for those Twin Cities home buyers.
Now is the perfect time to buy or sell a home in the Twin Cities If you are looking to buy or sell a home this spring contact me. Our group specializes in Eden Prairie Real Estate,Chanhassen Real Estate,Chaska Real Estate,Lake Minnetonka Real Estate,Edina Real Estateand West Bloomington Real Estate.
Brace Helgeson Coldwell Banker Burnet
Licensed in Minnesota/Lic # 92065