The opportunity is now!

"The time to buy is when blood is running in the streets."-John D. Rockefeller. That time is now-with an abundant supply of properties available, record low mortgage rates and fearful property owners willing to deal, this may be one of the best times in history to be buying real estate.

Update on the Twin Cities market activity report from the Minneapolis Board of Realtors: The Housing Affordability Index shot up 19 points to 180 thanks to recent declines in mortgage interest rates and a continued softening in home prices. The Index has not been this attractive since they began tracking data in 1990. Days on the market until sale is now 149, while percent of original list price received at sale fell to 90.1%. The months supply of inventory slipped to 8.5 months from 10.5 months-which is encouraging for homesellers.

One of the starkest pictures found in today's Twin Cities housing market is the difference in sales activity by property type. Over the last twelve months, single-family detached home sales have increased over the same period a year prior by 7.1 %. On the other hand, townhome sales have declined by 11.4% and condo sales are off by 24.3%. The culprit for this huge difference between single-family homes and townhome/condo sales is foreclosures and short sales. Consumer demand to purchase these lender-mediated properties is growing, and their research indicates that the single-family detached market has been affected more dramatically by this trend than other property types.

On a related note, single family detached homes are seeing the largest declines in sales price and price per square foot for the same reason.

So now is the time to be buying your first home, a larger home, investment property, retirement home or a home on Lake Minnetonka. Search all of MLS and other helpful information regarding real estate in the Lake Minnetonka area at http://www.homesbyjoel.com