Minnesota market

By
Real Estate Agent with Edina Realty

Minnesota has very resilient people.  Most people who move here tend to stay.  Don't know why with the cold and snow.  But, maybe it is the change of seasons, and the Minnesota nICE.  Whatever it is, Minnesota hasn't had huge swings in the real estate market prices historically.  The correction may be coming to a bottom.  Median prices are now at 2004 range.  Minnesota homeowners won't let it go much lower.  I don't suspect many new sellers will come on the market just to "test the waters" in 2008.  The inventory should start to sell off.  If it takes awhile to sell off, we may see a bit more declining in price.  After that, it should steady off to 0-1% increase in 2009.  The rents are going up, so they are coming in line--which will do two things.  Encourage home ownership instead of renting, and get investors back in the game to buy rental property.  Do you feel otherwise on any of this?  Visit me at http://www.myhomesguide.com/

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