26 Sep Twin Cities Real Estate Recovery in the Media
It’s in the Star Tribune, so now it’s official, the Real Estate Recovery is underway!
The local news media is reflecting what us front-liners have been seeing for the past 4+ months. I’ve noticed over my 15 years of Selling Real Estate in Minnesota that the news headlines are always about 4-6 months behind the trends we are seeing. I’m not finding fault with the media coverage, quite the opposite! Their coverage is a fantastic sign of the stability of the recovery.
Low Inventory of Homes for Sale is driving New Construction Sales!
News organizations need to be sure of a situation prior to declaring it a solid trend. The movement in the Real Estate Market needs to go in a stable direction for at least a few months before a trend can be identified. By these standards, the news media needs to be a few months behind in reporting the data we have been seeing for months. As an individual Realtor, I sell 40-50 homes per year, half of that number is Selling Listed Property and the other half is Representing Buyers. The numbers of homes we sell in a year is relatively small, compared to the volume of homes sold in a year. As a Realtor in Apple Valley, Eagan, Lakeville, Burnsville, Savage, Prior Lake, Farmington and Rosemount, properties I sell are specific to our area and might not reflect the overall Twin Cities Metro Trends. Just last week, a friend of mine who works for Remax Results in Minneapolis was telling me she is experiencing lots of difficulty with home inspections and problems arising which prevent the sale of the home. I have not had the same problem with inspections or conditions of homes, however the inventory of properties we are selling South of the River is generally just 10-40 years old. This is an example of how our experiences can be so different. I guess that’s why I am always excited when I see the positive news reported, it’s a confirmation that the trend is stable enough to be talked about in the major news organizations. It’s reassurance the recovery my clients are experiencing as we sell their homes in Apple Valley, Eagan or Lakeville is the same throughout the Twin Cities!
The Star Tribune article was written by Jim Buchta, it includes data from the Standard & Poor’s/Case Shiller Index and quotes from CoreLogic.
If you wish to explore your options to make a Move, now that the marketplace is getting brighter, give me a call at 612-889-6496 to get started. Remember starting early with a Market Analysis of your home can put more money in your pocket, see Sell your Home for $10,000 more this Spring!
