Tropical Real Estate Market in St Cloud MN
The real estate market around the St Cloud area seems to be hot. The temperature on the other hand leaves a little to be desired. I went to my first showing this morning (of 6 sets of showings to different buyers this weekend) and the temperature gauge said -15 degrees. Bundle up out there!
Yes indeed, it does seem as though the real estate market is definitely picking up around St Cloud MN. Lately, I have been fielding a lot of calls from buyers who are anxious to see what is available to purchase. They have heard "theres gold in dem der houses" and they are starting to believe.
It could be the 300+ foreclosed properties on the St Cloud MLS and the lure of a phenomenal deal that has given them the home-buying bug. I know the last few of my buyers have been bitten by the foreclosure bug. They have also averaged about $25,000 between their homes purchase price and the appraised value at time of purchase. That is with work to be done!
It could also be that people are getting interest rates on their mortgages at around 5.5%. We know that the rates have been slipping in anticipation of Mr. Bernanke's potential 50 basis point drop in the fed rate coming soon. Is it possible, like some bloggers are hinting, rates will go even lower and break that 5.0% barrier?
There are many different reasons to believe that this years spring market will be a good one (especially for home buyers). This is also a good sign that we might be able to turn the corner and get the real estate market back on track in Central MN.
Let me get off my soapbox for a little while. I guess I'm just a little excited because I am busy and the people I am talking to seem to be picking up additional business as well. I hope that this is a sign that St Cloud and the surrounding areas have started to turn around. I know of a lot of good people in this area that would be more than willing to buy or sell a home if they could just get a ray of hope that the bottom isn't going to fall out.
