Inver Grove Heights Market
Everybody knows the home market has been in a downward slide for about five years. Now everyone is trying to predict when things will start to improve. This recovery will vary depending on location as certain neighborhoods were affected more dramatically than others.
In an effort to provide an accurate prediction for my home town of Inver Grove Heights, I don't feel that I am going out on a limb by saying the recovery has already started. As of today the number of Inver Grove Heights Homes available was 131. Of those, 27 were unavailable due to being short sale homes currently with accepted offers.
What does this mean for Inver Grove Heights Residents?
Well, don't get your hopes up quite yet. All this means is that Inver Grove Heights is in a better position than a large number of it's neighboring cities. In a balanced market, the Adsorption Rate (how many months it would take for every home to sell if no other homes were put on the market) is roughly five months. As as December 2011, SPAAR had Inver Grove Heights absorption rate at 4.7 months. This would actually indicate a slight sellers market.
While inventory is down, many home owners are still in a negative equity position on their home, meaning they owe more than their home is worth. This creates the situation where many people are unable to move since they would be forced to bring money to the table just to get out from under thier current mortgage.
There are options out there, whether it be renting out your current home, taking the loss at the closing table, or strategic short sales, it's just a matter of what works for each individual. For further assistance, I'm simply a phone call or email away! Take care.