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Old 09-10-2018, 01:02 AM
 
5 posts, read 2,995 times
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How is the housing Market in Eden Prairie, going down??
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Old 09-15-2018, 01:16 PM
 
Location: Minnetonka, MN
105 posts, read 79,971 times
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Why do you think values are going down? EP is a typical suburb although wealthier than average.
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Old 09-20-2018, 08:21 PM
 
6 posts, read 3,350 times
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I live in EP and the general feeling is that it's a bit soft. People think they can get a newer home in Chanhassen or Chaska for a similar price. Lots of late 80s-90s homes in need of remodels and the prices may not reflect that. Some of these homes are very large and a remodel could cost hundreds of thousands of dollars.
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Old 09-21-2018, 06:29 AM
 
1,088 posts, read 986,756 times
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Quote:
Originally Posted by Philly Flash View Post
I live in EP and the general feeling is that it's a bit soft. People think they can get a newer home in Chanhassen or Chaska for a similar price. Lots of late 80s-90s homes in need of remodels and the prices may not reflect that. Some of these homes are very large and a remodel could cost hundreds of thousands of dollars.
Yes, similar sentiment in Eagan where my parents live. They have a 1988 house that would need a complete interior update that could cost $100K - $200K because it's 4,500 sqf. He said if it were him, he'd rather buy a brand new house for $200K more. The challenge with the new construction in the built out suburbs is that the yards are typically terrible, which is only ok if your kids are grown.
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Old 09-30-2018, 01:08 AM
 
5 posts, read 2,995 times
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Thank you all!!
I have one more question . I noticed on Zillow, estimate price for “single home” are reduced, but detached town home prices are increased.

How are they estimating the house price??
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Old 09-30-2018, 11:23 AM
 
229 posts, read 118,940 times
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They have an algorithm that takes comparables and gives you the average based on general location, bedrooms, square feet, bathrooms, etc. The problem is that it doesn't take into account upgrades and conditions that make a huge difference IF the house sells and if it gets a premium price. It's more off a rule of thumb that indicates a general baseline to go by and MIGHT be an indicator of the general market. However, you need an evaluation of your house that you are buying/selling based on the specific house of interest not a hypothetical construct of beds/sqft/bathrooms.

Sites like Trulia and Zillow are fun to look at but you take them with a grain of salt (or a maybe a bag). You should talk to a realtor, especially one that knows the Eden Prairie market very well to give you a better sense of the home's value. There are a LOT of factors that improve/hurt a home's value. For example, things like EXACT location, quality of the interior/exterior, zoning for school, railroad tracks proximity, busyness of street, slope of the lawn, and various other factors. You also should know that houses in certain prices zones may vary in desirability in a hot/cold market based on various factors. For example a single home selling for 250k will be a lot different then one in the 750k or even 350k range. Also, north Eden prairie might be a hotter market than south Eden Priaire or West Eden Prairie above 212 might be better than East Eden Prairie below Pioneer Trail.

Talk to a Realtor. This is what they do and and can drill down into the details and give you a better sense of the value of the home you are interested in buying or selling.

Last edited by TheGrandViking; 09-30-2018 at 12:11 PM..
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Old 10-01-2018, 05:28 PM
 
5 posts, read 2,995 times
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Wow ..thank you so much for your detailed explanation
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Old 10-02-2018, 03:16 PM
 
4,797 posts, read 11,974,383 times
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Quote:
Originally Posted by AshMN View Post
How is the housing Market in Eden Prairie, going down??
I don't live on that side of the city, but if I were to guess home values are not going down in EP and won't be anytime soon, if ever.
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