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October 2009 Twin Cities Real Estate Market Video Update—Not a Total Comeback but Still Moving Forward!

By
Real Estate Agent with Boardman Realty Minnesota License#90858

Althought it is the last day of October, there is still time to share this month's update from the Minneapolis Area Association of REALTORS®.

The October Monthly Skinny points out that even in the cooler September temperatures, theTwin Cities real estate market was hotter than average for early fall. The Twin Cities area saw a 23.5% increase in pending sales in September 2009 as compared to September 2008. Many of these purchase agreements were for homes in the very affordable under $120,000 price range. No doubt due this surge in sales contracts were due to the soon to expire tax credit for first time home buyers. That credit has been such a boon to the lower priced homes that it has really worked down the amount of bank owned properties and there is considerably less inventory in that category going forward.

Short sale properties did not see nearly the same amount of action as there is often timeframe issues when placing an offer on a home that is in a short sale position. With the tax credit deadline looming few first time buyers want to take a chance on a short sale not closing prior to the November 30, 2009 expiration date of the credit as it stands today. Yes, the credit could be extended but it is obvious from the numbers that few buyers wanted to take that chance.


So how does this compare to the real estate market is that for single family homes in Anoka County, Ham Lake, Forest Lake and throughout the Twin Cities north metro? The north metro market has had a similar pattern to the rest of the metro area. We are still dealing with a stagnant townhomes and condo market and single family homes in the higher price points. In both of these catagories, there continues to be some amazing opportunities for buyers as compared to just a few years ago. Move up buyers and downsizers can benefit in this market if they own a home valued under $200,000, the price-point where most first time buyers are looking. Seniors who are down sizing from a reasonably sized/priced home can sell to first time buyers and obtain a condo at a steal of a price. Young families who have overgrown their starter home can move up to a larger home in the $250,000-$300,000 price range and have quite a selection to choose from.

Enjoy the video and remember that positive trends don't equate a comeback as there are still many challenges facing the Twin Cities real estate market. But we are moving forward.

Posted by

Teri Eckholm. REALTOR with Boardman Realty, is a native Minnesotan who has lived and worked in the Minneapolis St Paul metro all of her life. She specializes in lakeshore homes, acreage properties and first time home buyers but assists anyone making a move in the north and east Twin Cities metro.

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give Teri , a call or visit her website for a FREE Home Buyer Success Guide or FREE Home Value Report She specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2019 terieckholm.com

 

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Comments (6)

Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Teri

Wow, 23 percent is nothing to sneeze at. Hope it really comes back in an exponential way for you.

Oct 31, 2009 07:35 AM
Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re

Great news. Now what happens after November 30th will be a good test of the strength of the market.

Oct 31, 2009 10:03 AM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Teri, I think it's wonderful.  We have a way to go but at least we're on an upswing! 

Oct 31, 2009 02:14 PM
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Tom--September has pretty impressive numbers but a lot of that was no doubt due to the $8000 credit. Bet October will also be as impressive over last year's numbers considering what I have seen around here!

Nov 01, 2009 06:45 AM
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Terry& Bonnie--It that extension goes through as planned, it might keep mombentum going through the winter. And then hopefully the normal spring market with keep the activity moving along. Only time will tell though.

Nov 01, 2009 06:46 AM
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Carole--It is moving forward in baby steps and hopefully won't stop when the tax credit ends whether in November or March 2010.

Nov 01, 2009 06:47 AM