In today’s real estate market in 2009 in Minnesota, we have seen a number bank owned properties for sale on the MLS. However, in recent months, there have been fewer foreclosed homes for sale. Looking forward, most experts are predicting that there will be in fact another surge of REOs to hit the MLS in 2010.

As these foreclosures hit the market in 2010, first time home buyers, investors, and buyers of all price ranges really were in a bit of a “feeding frenzy.” Each month our team has offered and continues to offer a mn first time home buyer class. At these classes here in 2009, we found buyers really eager to take advantage of the tax credit and the amazing prices on these various properties for sale.

Though there is a great amount of minnesota investment property that is available to purchase as well, investors too have been scooping up some of the amazing deals.

Whether a buyer is looking for a foreclosure in the suburbs of Minneapolis and the Twin Cities as a whole, or whether he or she is looking inner city, there are certainly opportunities.

It will be interesting to see here in 2010 how many REOs do in fact hit the Minnesota real estate market. I know in speaking with real estate agents on our team, our market certainly could use some more inventory at various price points.

Lastly, as a buyer of bank owned properties, it is crucial to work with a top realtor in the transaction. Buying a bank owned home can and often is in fact a very complicated process. Having a top real estate agent to guide you through the transaction I have found to be crucial.

Feel free to use our search for homes function on this website at any time.

Happy REO house hunting!!

This entry was posted on Tuesday, December 29th, 2009 at 8:41 pm and is filed under Minneapolis Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.