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MN Real Estate Market Trending Similar to Nation in October

For the past year or so, I have been fortunate to be taking part in a monthly nationwide real estate market research project with the investment firm, Credit Suisse. As a thank you, I receive a copy of the report in exchange for my views of what is happening in the home construction and sales market in Minnesota. teri's sign

"Fear Grips Buyers in October" was the headline of this month's report. It is not just a Minnesota trend that had real estate agents phones not ringing. The report indicated that this was a nationwide trend. "Nearly all markets are impacted by buyers worries." And how could they not be with talks of bailouts and massive economic meltdowns.

There are indications that foreclosure heavy markets are seeing traffic and demand is weak at high price points. Some buyers are buying but cautiously. Funny thing was as I read this report; I could have written most of what has been presented. This information is what I have observed in the Minnesota market right down the line. September buyers were stopped in their tracks by the economic news. Very few calls came into my office and even fewer were scheduled. October is usually a time where the phone will start ringing with buyers excited about getting into that new home before the Minnesota snow starts to fly.

On a positive note, the Monday following the election, my phone has started to ring. My listings are getting showings and buyers have started to ask to see homes again. Maybe with all the political focus on the economy over, the public is ready to start venturing out to see all the great deals on Minnesota lakeshore and acreage homes in the north and east metro. Buyers wanting to be in by Christmas better hurry as the forecast indicates the snow will be flying soon.

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet. I 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.

Buying a Home? Check out my new HOME BUYER'S BLOG!

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Posted by Teri Eckholm, REALTOR® Anoka County Acreage & Lakeshore Homes on 11/18/2008 09:10 AM

Comments (20)

Minnesota Real Estate Trends in the Regional (Localism) Channel

2008 minnesota real estate market, foreclosures, home buyers, market report, real estate trends

Originally posted at: Twin Cities Real Estate Blog: MN Real Estate Market Trending Similar to Nation in October

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20 Comments on MN Real Estate Market Trending Similar to Nation in October

NOV

Teri, It does seem like after the elections were over people started focusing on things such as purchasing or selling their home.

Hi Teri. I have noticed that also. People seem to be venturing out again and are calling to say they are ready to buy or sell.

Teri, we saw the "October dive" in our Market Center as well. Hopefully just a temporary thing.

Hi Teri, it is a trend or market for the fearless. There are many great opportunities out there but one has to be on solid financial ground to take advantage of them. Nice post Teri. Our Michigan market has it's own share of issues not unlike many areas of the country.

Teri - We are seeing the same thing in our market here, and the phones were ringing last week, but this week they have stopped.

Teri, I wish I could say the same - I just had two clients decide to hold off due to the uncertainty of their future incomes, Karen

Hi Teri, I read so much about others online trying to stay positive and work through the change in the market. There does seem to be some progress but as long as government and the banks and newspapers keep talking about how bad things are and that things are going to get worse, I do begin to feel like a Salmon swimming up stream to lay my eggs and then die for the effort. Bad analogy perhaps but I think I am joined in my sentiment by many. But I keep smiling and talking about all the bright spots in the market that is taking place as I watch my sellers bite their lip in angst when they see what a qualified Buyer is willing to pay. We REALTORS bear a heavy burden sometimes in trying to help everyone keep their chin up.

Hi Teri,

Good info. Our numbers were down too for October, while we've seen more activity in November. However all most all of it is with short-sales or foreclosures. Very few traditional sales.

We also have seen an increase in calls and showing I hope the worst is over.

NOV

Mana--It certainly did seem like the focus has changed...Now if the economy would change for the better, more would start making decisions I am certain!

Pamela--Let's hope traffic and inquiries continue to build!

Gary--That national report mentioned Texas specifically as they had been doing okay compared to other areas but in October there was marked change. Yes lets all hope that we are going to see different results in November since the election is over!

Gary--There are many on solid financial ground but are still on the sidelines watching as the economy is so scary right now. Lots of pent up investors and first time buyers watching for bargains and the bargains are right in front of them too. Funny how all states have different specific issues but the trends are still very similar for October.

Sandra--I did get a few internet inquiries this week, not too many phone calls but the week after the election I did pick up a few new people and they are active. Now we are into that Thanksgiving slowdown. Hopefully the travellers will want to see all the new listings in their hometowns over the weekend as they have in past years. :)

Karen--I didn't say all the inquiries were great just that they were coming in again. Hopefully with the election over people can focus on other things...Time will tell as the economy is still the focus on everyone's minds.

William--I know exactly how you feel! And then at times we cannot even pretend anymore especially when doing a market analysis and delivering unhappy news to someone who has to sell a property. It is a difficult business these days but as they say, it should make us stronger. Right?

Lynda--That was part of the report too...The bulk of all the sales for October nationwide were REO or short sales. I have been showing homes this past week and the bulk of properties listed are in that catagory too. Real estate is supposed to be local but there are many trends that are now nationwide.

Terry--I think we all hope the ringing phones and inquires continue!

Hi teri, I know it's been hard for everyone to stay positive in all this craziness. What else can we do?

Lizette--Well things were perking up there a bit last week...maybe there will be a trend? Keep smiling is all we can do...things always get better. :)

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