Tuesday, November 18, 2008

Minnesota Real Estate Market Shows Similar Trends 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.

“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.

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