Rochester MN Real Estate Market Blog

There are currently 1026 homes for sale in Rochester, Minnesota.  The average asking price for these properties is $241,653 (median $184,900) and the average market time is 149 days.

There were 43 new listings last week (June 22 to June 28, 2009) and 12 that came back on the market.  Average list price was $235,257 (median $169,900) and $177,633 (median $163,900) respectively.  Four listings expired, 7 cancelled, and 17 were extended.

The 34 properties that went under contract (to pending) last week had an average asking price of $205,058 (median $149,900) and an average of 157 days on the market.

There were 34 homes that closed (sold) last week with average market time of 124 days.  The average sold price of $211,741 (median $166,125) was 96.46% of the asking price, 92.57 of the original list price.

Good Morning!

There are currently 1023 residential properties for sale in Rochester.  These homes have an average list price of $241, 240 (median $184,235) and an average market time of 148 days.

Last week (June 15 to 21, 2009) there were 49 new listings and 15 listings that came back on the market.  Average asking price was $196,889 (median $157,900) and $227,093 (median $165,900) respectively. Eight listings expired, 14 canceled, and 13 were extended.

There were 27 homes that went under contract (to pending) last week with an average list price of $185,490 (median $139,900) and an average of 112 days on the market. The 48 homes that sold last week (closed) had an average market time of 99 days.  The average sold price of $183,631 (median $155,500) was 98.8% of the asking price, 95.75% of the original list price.

Have a great week!

Good morning!  We’re already halfway through June and almost halfway through the year!

There are currently 1014 homes for sale in Rochester, Minnesota with an average asking price of $241, 866 (median $184,900) and an average market time of 147 days.

Last week (June 7 to June 13, 2009) there were 52 new listings and 10 that came back on the market.  Average list price for these properties was $217,097 (median $179,900) and $218,159 (median $164,900). There were 3 listings withdrawn, 14 canceled, 8 expired, and 18 extended.

There were 26 listings that went to pending (under contract) last week.  Average list price was $191,853 (median $156,900) and average market time was 151 days.

The 34 homes that closed last week had an average sold price of $180,700 (median $171,950), 97.34% of the list price, 95.16% of the original list price.  These properties averaged 77 days on the market.

In the current economic climate, foreclosure sales are increasingly common.  Frequently these properties are appealing because they are priced to sell, often well below market value.  However, there are several obstacles and pitfalls that a buyer can expect to encounter.  The savvy buyer knows that forewarned is forearmed and approaches the purchase of a foreclosure property accordingly.

In a foreclosure purchase, the buyer is dealing with a financial institution rather than one or two individuals.  The inherent bureaucratic (chain of command) and pragmatic (maximizing return and minimizing loss) differences typically result in longer turnaround times for the initial purchase agreement, subsequent changes and processing of final papers.  The home buyer should not be surprised if it takes as long as a week or two for a response to their initial offer as their offer must go through several layers of approval at the financial institution.  During this time it is not uncommon for the bank to contact other interested parties in an effort to start a bidding war.  Buyers should be prepared for this process to take time.

Again, since the seller is a financial institution, foreclosure properties are almost always sold “as is,” meaning there will not be allowances for upgrades or improvements nor are adjustments likely for any structural or safety issues that may be uncovered during a home inspection.  Nevertheless, the buyer should pay for a professional home inspection and be present during the inspection to ask questions and understand what exactly they will be looking at cost-wise.  Chances are a foreclosed property has not been well-maintained for quite some time.  It may still be a wise investment, but the buyer will need to take the home’s condition into consideration when determining their offer.

The buyer will need to pay for the home inspection and may also need to arrange (and pay for) having the utilities connected and disconnected for the inspection.  Financing can be affected by the inspection findings.  FHA loans, for example, have strict requirements about the conditions of the purchased property including, among others, the home must be free of mold, peeling paint and broken windows; railings must be tight; electricity to code; and the roof must have at least three years’ wear left.  Any relevant issues must be fixed prior to closing for FHA to approve the loan, but there are risks to a buyer making improvements to a property they do not own.

Again, since the sale will be “as is,” there are no guarantees or warranty on the property. The buyer can consider purchasing a home protection plan for peace of mind.  There are exceptions and exclusions, however, so the buyer should read the fine print before enrolling.  

The inherent complexities of the foreclosure sale also increase the likelihood that the closing will be delayed given the amount of paperwork, number of people involved, and the increased signatures required to sign off.  Buyers should anticipate a delayed closing and be aware of the daily cost incurred by the buyer if they are responsible for the delay.  Sellers typically have no penalty for delaying closing and therefore less of an incentive to close on time.  While this doesn’t mean a delay is inevitable, it behooves the buyer to insure they have everything in order for a timely closing as well as setting a realistic closing date from the beginning.  Buyers should plan on retaining their current residence for at least a week or two past the planned closing date in the event of a delayed closing.

Despite the additional complexities involved in purchasing a foreclosure, the possibility of getting a great deal on the home of your dreams makes it worth the extra effort.  Working with a Realtor experienced with foreclosure purchases can help the process go smoothly from offer to closing.

Good Morning!

There are currently 1010 homes for sale in Rochester, Minnesota.  The average list price is $241,981 (median $184,900) and average market time is 149 days.

Last week (June 1 through 7, 2009) there were 49 new listings and 20 that came back on the market with an average asking price of $229,887 (median $159,900) and $203,400 (median $154,900) respectively.  Three listings were withdrawn last week, 13 canceled, 22 expired, and 15 were extended.

The 33 residential properties that went to pending (under contract) last week had an average list price of $183,628 (median $139,900) and an average of 141 days on the market.

There were 61 homes that sold (closed) last week.  The average sold price $202, 588 (median $168,000) was 97.71% of the asking price, 94.76% of the original list price.  These homes averaged 127 days on the market.

Good morning!  Hard to believe it’s June already!

There are currently 1008 residential properties for sale in Rochester, MN with an average list price of $240,424 (median $184,900) and an average of 152 days on the market.

Last week (May 25 to 31, 2009)  there were 39 new listings and 8 that came back on the market.  Average list price was $197,715 (median $179,900) and $270,712 (median $259,900) respectively.  Eight listings expired, 11 were canceled, and 25 were extended.

The 28 homes that went to pending (under contract) last week had an average asking price of $163,244 (median $149,900) and average market time of 105 days.

There were 46 homes that sold (closed) last week.  These properties had an average sold price $194,176 (median $162,277), 97.86% of the asking price, 95.40% of the original list price.  Average market time to was 82 days.

There are currently 1036 homes for sale in Rochester, Minnesota.  The average asking price is $239,281 (median $181,900) and average marktet time is 151 days.

Last week (May 11 to 17, 2009) there were 52 new listings and 8 that came back on the market.  Average list price was $220,386 (median $164,900) and $210,600 (median $159,900) respectively.  Two listings withdrew, 17 were cancelled, 5 expired, and 9 were extended.

There were 44 listings that went to pending (under contract) last week with an average price of $204,017 (median $174,900) and an average of 121 days on the market.

The 23 homes that sold (closed) last week had an average sold price of $190,025 (median $161,200), 96.82% of the list price, 95.10% of the original asking price.  These properties averaed 177 days on the market.

There are currently 1038 residential properties for sale in Rochester, Minnesota.  The average list price for these homes is $237,670 (median $179,900); they average 152 days on the market.

There were 53 new listings last week (April 27 to May 3, 2009) and 13 that came back on the market.  Average asking price was $233,966 (median $164,900) and $$190,600 (median $156,900) respectively.  Four listings were withdrawn, four canceled, 13 expired and 23 were extended.

Last week there were 55 homes that went to pending (under contract) in Rochester.  These homes had an average asking price of $175,137 (median $159,900) and averaged 162 days on the market.

The 65 homes that sold last week (closed) had an average sold price of $158,715 (median $147,550), 97.39% of the list price, 92.98% of the original asking price.  The average market time for these homes was 111 days.

Good morning!

There are 1082 active listings in the Rochester, Minnesota residential housing market with an average list price of $233,080 (median $179,900) and average market time of 150 days.

Last week (April 20-26, 2009) there were 48 new listings and 16 that came back on the market.  The average price for these properties was $212,120 (median $159,900) and $218,543 (median $149,900) respectively.  Three listings were withdrawn, 8 canceled, five expired and 11 were extended.

There were 44 homes that went to pending (under contract) last week.  These properties averaged 70 days on the market and had an average asking price of $156,494 (median $146,900).  The 19 homes that sold (closed) last week had an average selling price of $185,189 (median $146,900), 98.77% of the list price, 94.71% of the original asking price.  The average market time for these homes was 127 days.

There are currently 1086 active residential listings in Rochester, Minnesota with an average list price of $232,507 (median $179,900) and an average market time of 146 days.

There were 59 new listings and 13 that came back on the market last week (April 13 to 19, 2009).  The average asking price for these homes was $242,852 (median $189,900) and $178,892 (median $144,900) respectively.  Three listings were withdrawn, seven expired, twelve canceled, and nine were extended.

Last week 45 homes went to pending (under contract) in Rochester, with an average list price of $162,093 (median $154,900) and an average of 111 days on the market.

The 17 homes that sold (closed) last week had an average market time of 109 days.  The average sold price of $169,533 (median $137,900) was 97.77% of the list price, 94.95% of the original asking price.