Rochester MN Real Estate Market Blog

Between economic woes and the housing bubble burst, home buyers have appeared to have the upper hand in the real estate market for several years now. With fewer active buyers, more homes for sale, tighter lending restrictions, and falling home prices, sellers were at a clear disadvantage. The big question is – is the buyer’s [...]

[Read more →]

The Rochester, Minnesota housing market may have slowed way down in December, 2011, but overall the market improved over 2010. There were 9.9% more signed contracts and 6.5% more closings in 2011, an impressive sign given the absence of the Homeowner’s Tax Credit that boosted real estate activity in 2009 and 2010.  Another positive sign [...]

[Read more →]

From home ownership trends to predictions regarding future home prices, Rochester, Minnesota appears to be holding its own. The 2010 Census information is beginning to be released and, according to 24/7 Wall Street’s analysis of the data, Minnesota has the 2nd highest percent of home ownership (73%), second only to West Virginia. This analysis points [...]

[Read more →]

Last week was a tough one in the financial markets following the debt rating downgrades. Nevertheless, the resulting decline in mortgage rates could mean significant savings for home buyers. The interest rate on a 30-year mortgage fell to 4.32% last week, down from 4.39% a week earlier, according to Freddie Mac’s Primary Mortgage Market Survey. [...]

[Read more →]

  Compared to last year’s flurry of buyer activity and sharp drop-off following the end of the tax credit, Rochester, Minnesota home buyers have been more consistent with home sales achieving a more typical pattern. The number of Rochester, Minnesota homes going under contract is actually 4.6 percent ahead of last year at this time. [...]

[Read more →]

At the National Association of REALTORS Mid-Year Conference in Washington, D.C. there was much discussion regarding several reforms proposed by regulators that would negatively impact homeowners and sellers. The Mortgage Interest Deduction (MID) is of concern to all homeowners. This tax deduction has been around for over 100 years and undoubtedly makes a huge difference [...]

[Read more →]

Through the first half of 2011, there were 934 signed contracts, up slightly from a year ago. There were 157 residential properties in Rochester, Minnesota that went under contract in June, 2011, a drop of nearly 18% from a month earlier, but up 34% from last year. Average list price for these homes was $195,466. [...]

[Read more →]

Last week I had the privilege of attending the National Association of REALTORS Mid-Year Conference in Washington, D.C.  There are several reforms proposed by regulators that would negatively impact homeowners and sellers.  The Mortgage Interest Deduction (MID) is of concern to all homeowners. This tax deduction has been around for over 100 years and undoubtedly [...]

[Read more →]

Traditionally, home buyers pay for an inspection once a purchase agreement has been reached, and then any deficiencies are negotiated, where appropriate. There are several reasons why it’s in the seller’s best interest to pay for a professional home inspection before listing the home for sale. Avoid Costly Surprises – Identifying potential problem areas before [...]

[Read more →]

It may be cold outside, but the Rochester, Minnesota area residential real estate market is warming up.  Although new listings (229) were down 19% from last February, this represented a 52% increase from the previous month and was the largest number of new listings since last April.  Average asking price of these new listings was [...]

[Read more →]