We know all markets are not the same. Some pockets of our metro market continue to experience multiple offer situations, while others require multiple price reductions and more time on the market. To further illustrate this point, what’s true for the national market may not be true locally. Recently, the National Association of REALTORS® (NAR) forecasted a rebounding real estate market in 2008. While we believe that an upturn will occur, we expect the Twin Cities market will continue its post-boom correction a little longer than national predictions. One factor contributing to this might include Minnesota’s unemployment rate. While still among the lowest in the country, the rate has risen from 3.9 percent to 4.6 percent compared to the national unemployment rate, which has been level over the same period of time. However, according to the U.S. Census Bureau, Minnesota remains among the most affluent states in America, boasting the 10th highest median household income in the country.
Sent to me by Bob Peltier of Edina Realty
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