Now is a good time to buy a home in the Minneapolis area. In our market, home affordability is high and there is an abundance of inventory. There are many options out there for home buyers and home sellers who are willing to negotiate to create a win-win situation. Mortgage rates are still low. Most sellers are motivated. Owning a home is still a great investment, and owning a home can lead to many years of happy memories. If you have been sitting on the fence and trying to time the “bottom of the market” before buying your first home or your next home, now may be the time to make the move. 
FHA loans are available and are a viable product especially for first time home buyers because the FHA (Federal Housing Administration) insures the loan, so your lender can offer you a lower down payment and lower closing costs. The ‘specialty’ mortgages have gone by the wayside—thank goodness! You will need some skin in the game, but using FHA financing you will need much less than other programs.
This market is not the time that sellers can test the water, so whether or not there is bank involvement, if the seller wants to sell, there is usually a willingness to negotiate with a solid, pre-approved buyer. This can give you a bit of an edge in purchasing your home in this market.
While home values have recently declined, on average over the past 40 years, the median price of existing homes has increased about 6% each year. This is a national average and some markets fair better than others. I’m sure you have heard that real estate is local and your area may have appreciated more or less. Actually in 72+ cities, it is more affordable to buy rather than rent right now.
Owning a home is the American Dream—it not only provides financial benefits, but it also provides shelter and security to families. Home owners move less often and are more likely to vote and volunteer for political and charitable causes. Children of homeowners tend to do better in school and attain higher levels of education than renters. When you own a home you may be able to deduct the property taxes and mortgage interest from your income taxes. You can even download an app from iTunes that is compatible with iPad, iPod touch, and iPhones to estimate your tax savings by claiming the mortgage interest deduction.
Home ownership is the way many American families begin to accumulate wealth and with interest rates still under 5% and plenty of inventory to select from, now my just be the time to buy.