Richfield Real Estate Market - View Richfield Real Estate Market Trends in Minnesota

Winter 2012 Market Update If you can qualify, now is an exceptional time to buy a home in Richfield. Low rates with falling home prices makes a home purchase a great value! Call now for more information at 612-728-2204
Average Home Price	$150,000 - View Graph Trend

Average Price Compared to Last Year	Down 5-10%

Average Time on Market	90-120 days

Best Selling Price Range	$200,000 - $249,000

Worst Selling Price Range	$350,000 - $399,000

Prices As % of Asking Price	90-95%

Existing Home Prices for the past 90 days are?	No Change

Market Trend	Increasing

Buyers’ or Sellers’ Market	Equal buyers and sellers

Buyer Activity for the past 90 days in Richfield is	Increasing

Seller Activity for the past 90 days in Richfield is?	Decreasing

Multiple Offers?	Yes

Multiple Offers Commentary	Most multiple offers are on short sales (where the bank agrees to take less for a home than they are owed) and bank owned homes. Many of the multiple offers come from investors, but often there is a waiting period before investors can make an offer, to encourage owner occupants to buy in the city.

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales?	30-35%

Is Financing Available For Qualified Buyers?	Yes

Comments on Financing For Qualified Buyers	First-time buyers can take advantage of special programs to encourage owner occupants to buy in Richfield, including special grants, fixer-upper loans and down payment assistance programs.

Housing Inventory	Good supply - Some Prices

Inventory Comments	A large number of traditional sales as well as short sales and foreclosed homes are available in Richfield with new homes coming on the market daily.

Greatest Activity	First Time Buyers

Reason to Buy/Sell	Lower prices with good selection and competitive interest rates creates a perfect time to buy in Richfield. The city has good schools, a forward-looking municipal government, an extensive and well run park system and is centrally located with highway access to almost anywhere in the Twin Cities. Both downtown Minneapolis and downtown St. Paul are only minutes away. Light rail is available at the near-by Mall of America.

Nearest Metro Area	Minneapolis-St. Paul

Housing Hot Spots	Most cities within the Hennepin County area are considered ’Housing Hotspots’

Average Sold Price	$150,000 - View Graph Trend

Richfield Local News

News for Richfield, MN - January 23rd, 2012 12:21pm
The City of Richfield is currently working with several large potential employers to fill commercial and economic vacancies left when K-Mart, the Lyndale Garden Center and other businesses cut back. These new business should provide not only jobs but destinations for those looking for shopping and entertainment choices.

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Stephanie Fox

612-728-2204

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Mortgage Rates

– Feb 23rd, 2012 –
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30 yr. fixed rate: 3.90%
15 yr. fixed rate: 3.17%
30 yr. jumbo rate: 4.68%
15 yr. jumbo rate: 3.96%

Home Values

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Sluggish housing market in line for a better 2012, according to quarterly survey

The figures are still flat-lining, but there appears to be signs of life out there for a housing market that's dying for an upward tick of good news.

The up-and-down ride for real estate the past few years was seen again in the fourth quarter of 2011, according to a survey of HouseHunt real estate agents across the country. There are pockets of good news offset by bad, with home values and prices basically bumping along the bottom of the grid on a perceived never-ending rocky road.

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Richfield Real Estate Market Trends – Minnesota

Richfield Real Estate Market Conditions and Trends