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Lakeville MN Home Sales Exceed 2010 Totals

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Industry Observer

Lakeville MN Home Sales Exceed 2010 Totals

Another Minnesota city's total year to date home sales have exceeded the entire 2010 totals.  According to information supplied by Regional Multiple Listing Service of Minnesota, Lakeville's number of closed residential sales has just reached 607, topping the 2010 total of 605.  In a year as challenging as 2011, this suggests that there are some improvements in the Lakeville housing market.

The immobility of underwater homeowners still exists.  People who could afford a higher payment are still stuck in homes they otherwise would have replaced with a move up home. Eventually the lending industry and government regulators may find a way for otherwise creditworthy home owners to port their debt to a more suitable home.  It seems like a no-brainer, so somehow even those with no brains ought to be able to make the call.

In the meantime, with lower than national average unemployment numbers, there are enough young people with jobs and decent credit entering adulthood to move the sales needle into more positive territory.  2011 may not go down in history as a great year for housing, but it does look like a pretty good year. 

Now is the time to begin planning a strategy to sell or buy real estate in 2012.  If you are thinking about selling your home, or if you're thinking about firing your landlord and making your own mortgage payment, now is the time to do some exploratory investigation.  Call now to arrange a convenient time for a free preliminary consultation.

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 Mike Carlier  Lakeville, MN

 

612-916-3033

 

Comments (8)
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Randi Brammer
Randi Brammer, Acctg. - Hinckley, MN
Accountant & Tax Preparer

Mike, this is sounding better all the time.  Now if the public will listen to the GOOD news we may get somewhere!

Nov 26, 2011 03:33 AM
Mike Carlier
Lakeville, MN
More opinions than you want to hear about.

Randi, I honestly believe that the public understands the market, but there are too many who have been immobilized by non-portable debt.  The fact remains that, even though we have effectively written off a half generation of move-up home buyers, there is a slow recovery in progress. 

Nov 26, 2011 03:38 AM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Mike, I am glad to hear another area that is improving.  I agree taht the public knows to a point, but, they will still listen to the Media.  I have tracked the good news bad news as to how my calls come in and I still see the bad news putting a damper on calls and on current buyers still looking.

Nov 26, 2011 04:06 AM
Mike Carlier
Lakeville, MN
More opinions than you want to hear about.

Bill, I think there are some strong signs that the downturn is either ended or slowed to a snail's pace.  The banks have absorbed the initial shock of the crash, and they can now hold back enough inventory to prevent further price erosion.  If I were a consumer thinking about buying today, I would be more concerned about interest rates popping up with little warning.  Any further price drops will likely not compensate for interest rate increases. 

Nov 26, 2011 06:43 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Mike it is great to hear things are going well for sales. I am seeing similar results here in NH with a low 4.9% unemployment rate, sales are up and inventory is down near 30%. I see a similar average buyer being a young couple buying their first home. Have a great Monday

Nov 28, 2011 12:34 PM
Mike Carlier
Lakeville, MN
More opinions than you want to hear about.

Scott, the market is either approaching or has arrived at a point of stability.  The number of people reaching home buying age and qualified to buy is near equilibrium with the number of people who can no longer afford to remain in the homes they have owned.  We can probably tread water for the long term if needed, but there is a high cost of no forward motion.  The half generation of underwater homeowners will eventually age out of existence, but I think they deserve better.  Portable debt for qualified buyers makes sense, and it should be allowed.

Nov 29, 2011 02:45 AM
Michael S. Bolton
Michael S. Bolton,Inc. - Zimmerman, MN
MN Appraiser

Mike-I'm still of the belief that this going to be looked back-on as one of the best times to buy a house. People have a very hard time seeing past the current malaise we're in, it even might get a little worse, but these prices just don't equate.

Have an AWESOME day!

Nov 29, 2011 06:38 AM
Mike Carlier
Lakeville, MN
More opinions than you want to hear about.

Michael, yes this is one of the best times for an investor to buy a house.  The best time for a consumer to buy a house is whenever they are able, and as soon as they can identify a lifestyle upgrade that they and their family deserve.  The current prices and interest rates allow more consumers to be able to buy.  There is, however,  still that half generation or more of underwater consumers who can't move up.  As I have said before, there are three things that can happen to them.  They can stay where they are long term, they can walk away and rent a home that fits their needs, or they could be allowed to port their debt to another home.  Portable debt is the cheapest and best way for the housing industry to move forward.

Nov 30, 2011 01:24 AM
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