Brainerd Lakes Real Estate News

October Market Report for the Brainerd Lakes area

There were strong home sales in the Greater Lakes region once again in October. For the month there were 242 closed sales, up 14.7 percent from a year ago as low mortgage rates and the federal tax credit for home buyers spurred activity.

With the home buyer tax credit extended and expanded, we can expect that first-time home buyer activity will remain strong, but don't bank on the same blockbuster numbers we saw this year. If you were a potential first-time home buyer who was qualified to purchase in 2009, the chances are very good that you already bought. The fact that the income limits have been raised for eligibility does help since it widens the credit's availability. The $6,500 credit for second-time buyers will spur some sellers in the low-to-mid price ranges to put their homes on the market who had previously been on the fence. New listings will likely increase this winter and into early 2010 as a result

Remember first time home buyers are now competing with homeowners who are downsizing and getting a $6500 tax credit to do so. Those perfect smaller move in ready properties under $150,000 are still going to be a hot commodity with some action sure to be seen in the up to $225,000 range.

Whatever price range or amenities you are looking for - let me help you.  I can take the stress out of the search and help with my construction background to make suggestions on what could be done to a 80% perfect property to get to 100%.