November 2009 Twin Cities Real Estate Market Video Update—Affects of the $8000 Tax Credit!

By
Real Estate Agent with Boardman Realty Minnesota License#90858
As we cruise into the cold of winter, we can take a few minutes to review how the fall market energized the Twin Cities real estate market as we view the November Monthly Skinny from the Minneapolis Area Association of REALTORS®.

This month's Skinny examines how the Twin Cities was affected by the $8000 tax credit in the month of October. The announcement of the extension and expansion came late enough into the month that many buyers did not want to risk missing the original November 30th deadline. Almost 4700 purchase agreements were signed in the month of October. The affects of the first time buyer credits were most noteable on homes under $200,000. Also the inventory of foreclosure homes is down considerably now while homes in a short sale position are not selling so quickly. The obvious reason for this is that the approval of the purchase for a lender-owned home is within days while a home in a short sale position will take weeks or even months to obtain all of the approvals required for a closing. As noted in the video it will be interesting to see how the extended and expanded tax credit will affect the real estate market during the next few months. Most first time buyers that wanted to buy may have already purchased a home to meet the original deadline but the expansion for previous homeowners does create a new wild card.


Enjoy the video and lets hope these positive signs for Twin Cities real estate continue into 2010.


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.

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Rainmaker
1,317,601
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Great news for the twin cities.  I love the video.  I would like to see our NHAR do something like this...  I'm hoping that the extension does stimulate some additional sales... I think the expansion will also help free up some existing inventory as buyers "move up".

Dec 12, 2009 09:56 AM #1
Rainmaker
551,812
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co
Hi Teri, Similar to yours, $200,000 range, it's been our entry level housing that's become the most competitive when it comes to activity. The second half of 2009 saw a dramatic upswing in pricing $300,000-$450,000 range for lus. Btw, I'm in agreement with Joan's comment about the expansion beginning to impact move-up buyers in the near future.
Dec 12, 2009 11:09 AM #2
Rainmaker
643,145
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro

Teri, That is great news for the twin cities and I hope that the rest of the year turns out just as wonderful.

Dec 12, 2009 01:32 PM #3
Rainmaker
2,781,913
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Teri, I think the video is wonderful for helping people understand your area and market.  And the news was terrific....I hope it keeps up and I'm thrilled to hear it!

Dec 12, 2009 03:31 PM #4
Rainmaker
416,376
Mesa, Arizona Real Estate Mesa Arizona Realtor
Homes Arizona Real Estate LLC - Mesa, AZ
AzLadyInRed

Teri, I think any good news in any market is great. A video helps others hear the "good" part for a change. ;-)

Merry Christmas

Dec 12, 2009 03:48 PM #5
Ambassador
1,653,973
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Teri the homebuyer credit certainly had a positive effect on the market, yes inventory is moving at the lower end.

Dec 12, 2009 04:10 PM #6
Rainmaker
720,487
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Joan--We are fortunate to have a number of local associations in our market so we get some great information in the community from both SPAAR on the St Paul side and MAAR on the Minneapolis side of the river. Lots of good information for consumers.

Dec 13, 2009 11:02 AM #7
Rainmaker
720,487
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Lynda--It will be interesting to see how the expanded $6500 credit will affect the market in the states where few choose to move in the winter weather. I expect there will be many more lookers in January but offers will be written to close in May and June before the deadline but after the threat of snow.

Dec 13, 2009 11:05 AM #8
Rainmaker
720,487
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Marchel--I hope it also continues into 2010 as it is slow and steady progress.

Dec 13, 2009 11:06 AM #9
Rainmaker
720,487
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Carole--It is a pretty awesome way to deliver a market update in an easy to understand format. I think people love that!

Dec 13, 2009 11:07 AM #10
Rainmaker
720,487
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Teri--Most of the videos the Mpls association puts out are fun to watch and upbeat. It was nice that there was information explaining the expansion of the credit too.

Dec 13, 2009 11:08 AM #11
Rainmaker
720,487
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Jennifer--It is interesting to me that so many agents across the country (from Lynda in CA to you and Joan on the east coast) are seeing similarities to our market. That is good news for all.

Dec 13, 2009 11:09 AM #12
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Rainmaker
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Teri Eckholm

REALTOR Serving Mpls/St Paul North & East Metro
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