Rochester Housing Market is National News

Rochester Housing Market Update with REALTORs David and Lois Marris

The housing market in Rochester MN recently made the national news. USA Today's "Close to Home" profile of a housing market focused on Rochester MN for Tuesday, April 13th. The national attention helps us get the positive message about Rochester's housing market heard. While our housing market has definitely experienced a correction, Rochester has faired much, much better than other parts of the state and the nation.

We have fewer homes for sale in Rochester in 2009, thus fewer home sales. Vacant homes for sale are down and decreasing. Foreclosures have never really flooded our housing market. Our jobless rate is one of the lowest in Minnesota. Our economy has changed but not gone stagnant or been depressed. Houses in good condition, priced well and marketed with an aggressive marketing plan like ours SELL, some in less than 30 days.

A few years ago, just about anyone could get financing for a home. Renters hurried into the housing market, people that didn't need to sell a home did anyway and moved into something new and different. Days on the market for selling were under 60. Mayo residents, here for 3-4 years, purchased instead of renting, fairly certain they could sell with a profit when they left. Property appreciation was sometimes in the double digits!

Now, credit is tighter (and rightly so). What was a potential home buyer just a few years ago is now a solid renter and the rental market is alive and healthy. People are content to stay in their homes a bit longer. The number of days on the market is about 121 and decreasing. Property appreciation is much more realistic. Most of these things represent healthy changes which will provide stability in more ways than one. So we have seen a change, but never a collapse.

To read more visit USA Today's Close to Home article on Rochester MN housing market.

__________________________________________________

Rochester MN Real Estate Agents David and Lois Marris are top REALTORs at Edina Realty. Edina Realty is the number one brokerage in Minnesota. Visit www.davidandloismarris.com to search for Rochester homes for sale. Contact: LoisMarris@EdinRealty.com, DavidMarris@EdinaRealty.com, 507-398-3251.