Twin Cities home prices continue to rise - KMSP-TV

Twin Cities home prices continue to rise

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To gauge how well the housing market is doing, you often have to look at new homes going up in your area.

Realtor Steve Albers, a key land representative, has seen significant market improvement in recent months.

"The last few years have been excellent, fantastic but this year is the first year I actually experienced a really robust market," Albers said.

Albers got into the business seven years ago when the housing market bubble burst.

"Back then, not even agents knew where this market was going," Albers said.

Now, he's telling anyone who's selling or going to sell to list their home 3 to 5 percent over its value.

With fewer homes on the market, they are going fast – and with multiple offers.

Local homeowner Kate Cravens sold her house in less than a week. She says a year ago, maybe she could have gotten $300,000, but today, she's getting significantly more.

"We put our house up on a Friday had two open houses and purchase offer Wednesday," Cravens said.

"All of us in the neighborhood have watched values go down and been nervous about that, so it's been a real benefit to see them start to rise again," Cravens said.

For 13 straight months, homes sold in the Twin Cities have seen a significant increase, but how long can it last?

Real estate experts at St. Thomas tell us we probably won't see double-digit increases, but home prices will continue to rise slowly -- likely a 2 to 4 percent annual growth. The reason: More sellers and rates are expected to go up. However, any increase it good news for both agents and home owners.

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