Rochester Minnesota Real Estate Market Trends
It's officially Spring and with the change in weather we often see an increase in activity in the Rochester Minnesota real estate market. We expect nothing less from this spring's market, regardless of all of the negative media surrounding Real Estate. Homes for sale, lease, or rent in Rochester and its surrounding communities are holding their value, and we have reason to believe that the national market is preparing to make a shift in the right direction as well.
Through the first two and a half months of 2008, the number of single family homes in Rochester Minnesota that have gone under contract is down 7% from 2007. And the average sales price for these homes is down just 2%. While these figures can be discouraging to many people as homeowners, the statistics can still be viewed as promising when compared to the 20-30% drops in sales and prices that are seen in many other regions. This, as you can well imagine, can be attributed to our strong job market and rapid growth in the Rochester area. But we also need to take national factors into consideration when projecting market growth and trends.
As far as the Real Estate market as a whole is concerned, many experts are pointing to the end of 2009 and the first part of 2010 as a time for the market to rebound in which we will start to see a more "typical" rate of appreciation. The vast majority of the Adjustable Rate Mortgages originated during our "boom" years have matured. Thus, we expect a continual flow of foreclosures over the course of 2008 and will need some time to "sell off" the added inventory before things begin to return to normal. Thankfully, the Feds have intervened and are keeping interest rates extremely low, making this the most opportunistic buyers market in decades. Researching the real estate market and homes for sale, lease, or rent in your area may provide you with similar findings.
Many local real estate agents have enjoyed an especially productive start to the year, both in the listing and selling of homes, as well as regional extracurricular activities. One way to encourage business is by working at trade show booths. For example, agents can volunteer to work at The Wedding Extravaganza and The Home Show, as well as similar shows around the country. And yet another example is by participating in the Polar Plunge, which raises awareness and money for the Special Olympics. And who can forget an Annual Client Appreciation Party at the beginning of the Spring season, routinely held by The Williams Team. Clients have a fantastic time with a Hawaiian theme, a hypnotist for entertainment, several contests, door prizes for all and of course a Grand Prize Vacation giveaway. It is because of the continued referrals and support from clients that all of this is possible, and there are many ways to express appreciation for mutually beneficial partnerships. And in the end, this all helps to encourage a prosperous real estate market, which we hope will continue to improve through 2008!