Local housing market takes a positive turn - KTTC Rochester, Austin, Mason City News, Weather and Sports

Local housing market takes a positive turn

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ROCHESTER, Minn. (KTTC) -- If you're in the market to sell or buy a house, you can have the best of both worlds. Here in Rochester statistics show there is an uptick in SOLD listings, but that's not all.

Due to incredibly low-interest rates, some as low as 3-percent, a real estate agent said it's a great time to purchase a home, because the cost of owning the home in the future will be lower.

The data compares July of 2010 to this past July. There were 137 pending sales this past July, as opposed to 95 in 2010. As for overall homes sold, a 155 closed transactions in July, compared to 89 in 2010: that's a 75-percent increase.

After the tax incentive many people flocked to purchase homes in March and April of 2010, and the market came to a halt last summer. A Re-Max real estate agent said while the statistics may be big overall this year, in fact they aren't that significant, due to how slow sales were in the summer of 2010.

"This year the market is much more flat and steady. So, we might have had a slower spring, in that we didn't have that big incentive in the spring, but we have had a good steady year and actually in July this year we caught up and are basically matching last year, which is probably a very good thing," explained Duane Sauke, with RE/MAX.

Suake was also said the housing market is strong and steady in Austin. Not only are people purchasing homes, but there is also a lot of corporate development at the hospital and Hormel.

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