In a recent edition of the USA Today, Minnesota ranked 7th for the lowest number of foreclosures in the nation.

Additionally, the Minnesota Home Ownership Center released stats showing a 34 percent decline in foreclosure sale in 2013 which also represents the fewest since 2005.

Home values have been climbing in the Minneapolis region as well, posting a 13 percent year over year increase.

2014 should have home sellers in the drivers seat as 95 percent of sellers are receiving their asking price and with the decline in foreclosures the Minneapolis housing market is shrinking up.

Buyers should be prepared to hand over a pre-approval letter from a reputable mortgage lender when submitting an offer to buy a home.