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Thursday, September 25, 2008It's Fall!
Fall is already upon us here in Minnesota. And sadly, I have not sat down to enter a blog entry here for a few months. Today, I thought I would recap a bit of what our team is finding in our local Minneapolis real estate market.
First of all, homes for sale here in Minneapolis, St Paul, and Minnesota as a whole are surely selling. In spite of what experts are saying about the 2008 real estate market, agents on our team have seen a huge uptick in activity. Year to date, the team has over 420 closings on the books for 2008.
Obviously times have changed here locally in regards to our average days on market, comparison of list price to sale price, and really the overall selling experience for sellers. The Twin Cities, like most of the country, is seeing a strong buyers market. Sellers are now forced to negotiate more with prospective home buyers. Homes are taking much longer to sell than a few years ago. And sellers are really being forced to "wheel and deal" sometimes with potential buyers in order to get their home sold.
Have faith! The Twin Cities real estate market will rebound. The last seven to eight weeks, we have continually seen less and less homes put onto the MLS, an increase in pending sales, and overall inventory levels shrinking. All three of these are great news indeed for our real estate market!
Posted By: Ryan O'Neill @ 7:51:20 PM