Twin Cities home Buyers Out In Force Buying Properties

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The Twin Cities Strong Home Buyer Pool Is Stretching To Commercial PropertiesTwin Cities home buyers out in force

Twin Cities real estate market comprises of the residential homes sector and commercial real estate. A strong first-half 2013 was seen across all aspects of the housing market as the economy continued to improve and home buyer activity significantly increased in both sectors. Market-wide, overall vacancies found in all property types declined to 12.3%, which is the lowest it has been since 2008 declined. The market recorded 1.7 million square feet of positive absorption, primarily thanks to the industrial housing market, according to a recent Twin Cities buyers report from The Compass.

"Both residential home builders and commercial construction are intensely planning for continued demands for real estate properties as the second half of 2013 is deemed primed for plenty of new Twin Cities buyer activity across all property types," summarized Jenna Thuening.

Homebuyers Out in Force for Twin Cities Real Estate

Today the Twin Cities commercial real estate market is flourishi8ng, both in the metro and nationally. Study results released Wednesday, July 31, 2013 by Cushman & Wakefield/NorthMarq show that property investors are coming to the Twin Cities in search of gaining higher profit margins. The greatest portion of Quarter 1 and Quarter 2 real estate transactions were in the office, multi-family and medical office sectors, with industrial properties lagging due to limited inventory for sale. The commercial properties in highest demand include: contemporary industrial properties, grocery-anchored retail centers, multi-family, stabilized class A office buildings, and retail power centers.

Not a ton is happening around the non-core assets and “middle-market” properties. Such properties owners are heeded to become more cognizant of investor doubts over their potential to show positive growth over the next few years. Potential Twin Cities sellers may need to adjust pricing expectations accordingly.

Twin Cities Land Inventory Dips

The Twin Cities land investors continue to comeback in Q1 and Q2 as new construction developers take strategic land positions in sought-after markets. Demand for properties, sale prices, and inventory levels, though low, continue improving across all categories, being the reason for increasing sales transaction numbers and rebounding property values.

Twin Cities Residential Homes Are Hot

Driven by a recovering housing market, single-family residential is the hottest sector in buyer demand as Twin Cities home builders aggressively acquire undeveloped lots in first-, second- and now even some third-tier communities to meet the high demand. The stronger our metro housing recovery, the stronger the demand grows for new real estate listings to meet buyer demand. Both residential home buyers and real estate investors in multifamily residential homes are letting it be clearly known that they want more to choose from.

Home Buyers Look At Twin Cities Future

Strong and on-going optimism in the Twin Cities housing market is due to the number of development projects that are being construction or slated to yet get underway this summer going into fall. Knowing market swings, a slower second half for leasing activity is predicted. A limited number of available lots in prime locations is limiting all the property types.

For home buyers eager for new residential single-family home listings, the patient process of waiting for current construction projects to reach completion will be awarded in the months ahead. "New housing projects will be completed in downtown Minneapolis, downtown St. Paul, downtown Wayzata and Uptown. Approximately 550,000 sf of industrial space and more than 317,000 sf of medical office space is under construction," according to the report. Builders are intensely planning more construction as part two of 2013 is deemed primed for plenty of new Twin Cities buyer activity across all property types.

Home Buyer Activity Report - Minneapolis Association of Area Realtors

Housing statistics according to the Minneapolis Association of Area Realtors, Twin Cities home buyers across the Twin Cities region, for the week ending July 20:

Twin Cities home listings New Twin Cities home listings increased 25.1% to 1,731

Twin Cities pending home buyers Home buyers with pending sales increased 6.2% to 1,171

Twin Cities housing inventory levels Inventory decreased 14.3% to 15,623

We are experiencing an incredably positive housing market with new Twin Cities home sellers making the decision to list thier homes for sale to meet home purchasing demand.

Home Buyer Activity Report - Minneapolis Association of Area Realtors

While multi-family permits were down for the month, single family construction remained strong, maintaining on-going growth for the region’s residential construction. Just released permit statistics show single family permits issued in July, 2013 (509) are higher than in any single month in six years (since June 2007 which had 537 single-family permits issued). A slow-down in multi-family units brought the total units permitted in July, 2013, down 11 percent from July, 2012; however year-to-date units remain 24 percent higher than units at this time in 2012. Twin Cities housing data released by the Keystone Report for the Builders Association of the Twin Cities (BATC), states that 533 permits for a total of 698 units covering all four weeks of July, 2013. Year-to-date statistics place the metro at 2,912 permits granted for a total of 4,914 housing units.

In you would like a FREE consultation to determine if this is the perfect time for you to join the pool of Twin Cities homebuyers, gaining key guidance from a seasoned local Realtor will help you know what kind of home you will want, contact Jenna Thuening at 612-396-7832 today!

Download the City of Minneapolis report Home Buyer Trends for Single-Family Residential Homes Pt1pdf

Download the City of Minneapolis report Home Buyer Trends for Single-Family Residential Homes Pt2

Download the Summary Report by Compass on Minneapolis Home Buyer Activity Q1 2013.pdf

Jenna Thuening, a Jenna Thuening, owner of Home Destination residential Realtor helps home buyers out in force to gain the home of their dreams.

11200 W. 78th St
Eden Prairie MN 55344
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