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Housing Market in Southeast Minnesota on the Rise

Created: 01/09/2014 10:56 PM KAALtv.com
By: Steph Crock

(ABC 6 News) -- Numbers released by the Southeast Minnesota Association of Realtors show big improvements to the housing market in 2013. In all 11 counties in the area, home sales were up.

Dick Rundle and his wife Joyce have been ready to downsize for some time, but had trouble selling their Rochester home. "Too much general work for two 80 year-old people take care of," said Dick Rundle. "We already had money down on this and would move as soon as our house sold, but it didn't sell, and it didn't sell, and it took nine months to sell," he said. Just when they were getting nervous, things did pick up. "Since September, the interest picked up," said Dick.

Austin realtor Casey Hash says home sales have been picking up all over the region. "We're hearing success stories across the whole 11 counties. People are excited to go to work and we're feeling like it’s the good old days," said Hash.

Now, there are numbers out to prove it. The Southeast Minnesota Association of Realtors released data showing more than 5,000 homes sold this past year in our region. A 6.4% jump from 2012.

"Now the sellers are saying, ‘I think it’s time to put my house on the market because I'm seeing these sold signs,’ and the buyers are saying, ‘I better buy because interest rates are starting to go up,’" said Hash.

Hatch says at this rate, 2014 is looking up. "Not only in the same direction but exponentially. I really believe all of the indicators are showing that this is going to be phenomenal this year," he said.

The year is off to a good start for the Rundle's, who just closed on their house Thursday. "It was a great sense of relief to have it all behind us," said Dick.

We asked those with SEMAR if property taxes will go up because of this market hike, they say it’s possible but if that were the case, it wouldn't happen overnight.