August 2010 Twin Cities Real Estate Market Video Update—The Economy is Driving the Housing Market!

As Minnesotans enjoy a corndog at the State Fair or a last dip in the lake before heading back to school, there is no surprising (or uplifting) news on the Twin Cities real estate front. As the August Monthly Skinny from the Minneapolis Area Association of REALTORS points out, there is merit to the headline after headline regarding the economy and likewise the continued sluggishness of the real estate market. It is a post-tax-credit July where housing sales numbers were down considerably. As we stole buyers fron the summer months, the Minneapolis/St. Paul area was somewhat "buyerless" this summer. On a good note, prices were still up a bit from last month but this is a trend unlikely to continue. Sellers who are serious about selling must be ready to negotiate on their price. Before the real estate market sees any significant turn around, the job situation must improve so people are motivated to buy again. Until the economy improves the market will remain in a holding pattern waiting for a full recovery in the housing market. For more specifics on the housing market, take a look...