Foreclosure and First Time Home Buyer Minneapolis

It was another down week in Minneapolis real estate. Almost 57% of all the houses sold last week in Minneapolis where foreclosures. In addition 46% of the houses that sold were under $150,000. However, there were a couple bright spots. Sales compared to last December were up 20%. So the end result is a mixed bag. I think there are going to be more foreclosures and prices are going to keep dropping. But the big factor is going to be what Barrack Obama and Congress end up doing. If they start spending trillions and trillions of dollars to buy up bad mortgages and pay for peoples bills then I think prices are going to start to stabilize and even go up. However, if they just spend money on public works and let the oversupply of homes work its way through the market then prices will continue to decrease for a year or two. However, if I was looking to buy my first house, start a business, or try to build wealth for retirement I would seriously consider investing in real estate right now. Prices are so low right now that it is easier to make money on a house by renting it out. If you make a few good purchases it is not that hard to generate a $3,000-5,000 monthly income off real estate investing. I think if you are a smart, savvy, entrepreneurial person, and you can be disciplined with your money, then you could by three houses this year and create a very solid business. If you’re a first time home buyer and thinking about getting into real estate investing in Minneapolis give me a call. I would love to help you out.