- Is the real estate market still falling?
- Have we reached a bottom yet in the real estate market?
- Is the real estate market starting to stabilize?
- Where is the real estate market going to go from here?
And although I would love to answer this question for each and every one of you I must first point out that I am currently a licensed MN real estate agent and more specifically an agent whom primarily focuses on working with buyers and sellers in the western suburbs of Minneapolis. With this being said, if those questions are being asked in reference to the western suburbs of Minneapolis I can say without a doubt that the free fall has ceased. Rock bottom was hit last November 2009. Prices are starting to stabilize. Traditional sellers have moved away from huge price reductions and although some are still reducing their prices, they are often doing so only if a property sits on the market for quite some time. Agents in today’s market have got a grasp once again on market values. And upon further investigation you will find that foreclosures, although still entering the market daily, are becoming less and less. Once the bank has listed the home for sale post foreclosure it is found that they are starting to stick closer to their asking prices. Buyers are snatching these properties up almost as fast as they are hitting the market often times leaving multiple buyers competing for the property. Short sales are being negotiated quicker for you will find that many agents (not all) are becoming very versed in the short sale process and those that are still struggling at quick turnaround times on short sales have since given up on even attempting to list them.
Does this mean that there is no chance of another slight downturn?
To be honest with you, I can’t answer that. The market is likely to still have its ups and downs much like any market in which investors invest in does. I just don’t think we are going to see double digit declines in this market when looking at it as a whole. I think there are pockets in the western metro that are still going to experience some downturn and I think there are pockets in the west metro that are going to see more of a stabilization than others. If the job market and interest rates play any impact you are likely seeing much like I am that interest rates are starting to climb. Individuals looking for a job are a bit more optimistic than they were six months ago and all in all my glass is once again half full.
For some of you it’s time to change your outlook, look deeper for simple pleasures rather than luxury goods and be glad you and your family are still able to enjoy lemonade that you bought at the lemonade stand just down from the Cottagewood general store.
Travis Senenfelder
Buy Sell Lease Real Estate
C: 651.216.9466
E: Travis@BuySellLeaseMN.com
W: http://www.buysellleasemn.com/
W: http://www.buysellleasemn.com/blog/
W: http://www.buysellleasemn.com/contact-bsl-mn/
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