Updated: 05/28/2014 8:13 AM KSTP.com By: Jennie Olson
Photo: AP/Charlie Neibergal, file
A new Minnesota real estate report suggests that despite all the remodeling shows, homebuyers aren’t looking for a fixer-upper.
According to the Minnesota Association of Realtors, the cold and wet weather is one of the big factors behind a recent dip in home sales.
In April – for the seventh month in a row – the number of pending sales compared to the previous year dropped; April saw a dip of nearly 5 percent.
When pending transactions dip, so do the amount of closed transactions. That number fell 11 percent.
The numbers also suggest that the idea of "location, location, location" is outdated.
"Today, it's 'location, price, condition,'" Minnesota Association of Realtors CEO Christopher Galler said. "You need those three elements, and that condition starts when people drive up the driveway and look at the outside of the house. People want it all nice and new, nice and fresh, and a lot of buyers don’t know how to fix up homes the way they used to."