Rochester MN Real Estate Market Blog

Deciding whether to buy or rent can be challenging, especially in a tough economy and fluctuating housing market. Historically, this decision-making relied primarily on the mere difference between rent and mortgage payments, combined with how long one expected to live there. Online real estate database Zillow has developed a more comprehensive comparison that goes beyond [...]

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It didn’t seem possible, but mortgage interest rates have been hitting record lows again in the past few weeks. Experts credit these lower interest rates, combined with the Home Affordable Refinance Program (HARP), with spurring on another wave of refinancing activity. Nationally, mortgage rates dropped to 3.59% this week (May 21, 2012) for a 30-year [...]

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The Rochester, Minnesota real estate market had a good start to the year with one of the most active spring markets we’ve seen in a while. Year to date, signed contracts and closings are both up compared to last year and average market time is down. April 2012 marked the 12th straight month of higher [...]

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Between the housing bubble burst, the economic collapse, and the increased costs of everything from food to fuel, it’s no surprise that older Americans are facing an increased gap between their annual income and expenses. According to a recently released report by Wider Opportunities for Women, more than half of U.S. elder households have incomes [...]

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From questionable lending decisions to shady foreclosure practices, the mortgage industry has been under something of a cloud for the last several years. A recent settlement between the state attorneys general and the five leading bank mortgage servicers, along with mortgage loan service reforms, is a positive sign that progress is being made. The Settlement Agreement [...]

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Last month the Rochester, Minnesota residential real estate market saw its strongest February in years. Showings were up 24% year over year for the month of February as buyer interest begins to grow. Both signed contracts and home closings reached their highest levels in February since 2008, the second month in a row that the [...]

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Mortgage interest rates have remained steady at lows not seen in 40 years, with 30-year fixed rate average 3.87%. The 15-year fixed rate, while moving slightly higher last week, remained close to the record-breaking 3.14% set at the beginning of the month. These historically low rates present an amazing opportunity for home buyers and for [...]

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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 [...]

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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 [...]

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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 [...]

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