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BURNET REALTY REPORTS 1991 SALES INCREASE; PREDICTS RECORD YEAR IN 1992

 BURNET REALTY REPORTS 1991 SALES INCREASE;
 PREDICTS RECORD YEAR IN 1992
 BLOOMINGTON, Minn., Jan. 29 /PRNewswire/ -- Burnet Realty today announced a 28 percent increase in sales volume for 1991 when compared to 1990 sales. Unit sales showed a 30 percent increase for the same time period. Most recent industry reports show only a 4.9 percent increase in sales volume for the overall Twin Cities real estate market in 1991. Unit sales for the overall market in 1991 were only 3.8 percent ahead of the previous year.
 Burnet President Dar Reedy attributed the firm's sales increase to two factors. "Home buyers and sellers will typically use the more successful sales people in a challenging real estate market. Through dedication to personal growth and professional development, our associates were able to deliver the technical expertise and motivation necessary to meet the challenges of today's real estate market. This enabled them to sell more in 1991," he said.
 Reedy also attributed a portion of his firm's sales increase to expansion which came in the form of growth and acquisitions. "Many higher producing associates joined Burnet Realty in 1991. These new people came from other industries, other real estate companies and through our acquisition of Realty World/TCF," Reedy added.
 Commenting on the outlook for real estate sales in 1992, Burnet Realty CEO Ralph Burnet was extremely optimistic. "It looks like 1992 will be the year in real estate that we will all talk about for the next decade. All the important factors are in place. Interest rates are unbelievably low, the housing affordability index is at a 17-year high, and there is a great supply of homes for sale with market adjusted prices that will combine with low interest rates to make home payments very affordable."
 Burnet's optimism is not purely speculative. Since the first of the year, activity in his firm's open houses has been extremely high, with some Burnet associates reporting hundreds of buyers attending open houses and multiple purchase offers on their listings. "This market activity is typical of what one would expect to see in the boom months of April and May," he said.
 Robin Peterson, chief operating officer at Burnet Realty, is in charge of sales operations in the firm's 35 sales offices. She indicated that today's low interest rates are causing many home owners to consider refinancing. "Home owners that want to cash in on today's low rates should compare the advantages of moving to refinancing. You can take advantage of low rates either way, but if you move, you can make those lifestyle changes you have been dreaming about," Peterson said. She further indicated that the current inventory of homes for sale could deplete quickly under today's market conditions. "We could soon have a seller's market," she said.
 Burnet Realty is the largest independently-owned residential real estate firm in the Upper Midwest and is one of the top five independent firms in the United States. The firm operates out of 35 offices throughout the Twin Cities, Rochester and St. Cloud metropolitan areas.
 -0- 01/29/92
 /CONTACT: Leonard MacKinnon of Burnet Realty, 612-884-1442, or Cathryn I. Kennedy of Mona Meyer McGrath & Gavin, 612-832-5000, for Burnet/ CO: Burnet Realty ST: Minnesota IN: SU:


KH -- MN006 -- 4740 01/29/92 12:33 EST
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Publication:PR Newswire
Date:Jan 29, 1992
Words:547
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