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Is the Twin Cities real estate market out of the woods yet?

by The Steve Westmark Team

Since Jluy of 2005 the Twin Cities market place has had different types of indicators that we are in a declining market. From the falling of unit sales, to decline in average and median sales prices, increased inventories, conservative lending practices, affordability issues. foreclosures and leander mediated sales, and other economic forces;we have had to deal with the changes in this real estate market.

Enclosed is the most recent "The Skinny" from the Minneapolis Area Association of Realtors to give a prespective on what is happening.

Each area, price range, and style is affected differently by the market. I meet daily with people to discuss what is beest for them in their specific market. Let me know how I can help.

If you are a parent with children of the age of 18 years or older you are eligible to help them buy their first home with you as a cosigner by using FHA financing. With FHA financing the down payment amount is only 3.5%. So instead of renting they can now have an option to buy with your help.

For example if you buy a $100,000 home or condo your down payment would be $3,500. Once you have closed the home you are now eligible for the $8000 tax credit. Instead of waiting until next year to file your taxes your child can amend their taxes and get the $8,000 check from the government this year.

Now as long as your child does not sell their home for the next 3 years then they do not have to pay back the $8,000 tax credit. This holds true whether you have one or more children. In my 35 years of helping first time home buyers buy a home I have never seen such a great way to help them get into a home for virtually no money of their own. It is like our government is paying us to help our kids buy their first home.

If you would like to learn how you can help your children own a part of the American Dream please give me a call at 612-363-6600 or email at

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Contact Information

Photo of The Steve Westmark Team Real Estate
The Steve Westmark Team
RE/MAX Advantage Plus
14451 Highway 7 Suite 100
Minnetonka MN 55345
Fax: 952-241-1600