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10-30-2007, 10:08 PM
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Real Estate Professor
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Join Date: Nov 2006
Location: Lakeville, MN - 4th nicest place in the nation to raise a family
279 posts, read 342,353 times
Reputation: 69
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Real Estate has set a record in MN
New home sales are off this week by 8%. That's the largest drop in sales in recorded history. Congratulations, Minnesota!
Additionally, new pendings are down by 22% versus this same week last year.
Robert's Crystal Ball (tm) says that home prices will continue to slowly slide for another year. I'm guessing that prices will then stabilize for 1-2 years.
As far as appreciations go, remember that you have to think long term. And over the long term (the last 30 years), real estate in the seven county metro has appreciated at a nice, conservative 6% per year. These days, that's a hard sell, and I quote 1.5-2% appreciations when I'm calculating future values for my home buyers.
Have a great evening,
Robert
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11-06-2007, 04:36 PM
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Member
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Join Date: Aug 2007
89 posts, read 83,279 times
Reputation: 19
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have you found that townhouses/condos keep their value better than SFH?
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11-07-2007, 02:23 PM
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Senior Member
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Join Date: Mar 2007
1,806 posts, read 1,548,423 times
Reputation: 349
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Quote:
Originally Posted by doublesuited77
have you found that townhouses/condos keep their value better than SFH?
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No, I would say the condos & townhomes have been hit worse than SFH as far as value lost goes. |
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11-08-2007, 06:18 PM
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Senior Member
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Join Date: Jan 2007
Location: MN
842 posts, read 824,314 times
Reputation: 239
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Hopefully more sellers will join us back here reality soon and start dropping their prices.....
I have a relative in the delusional "i'm not dropping my price" crowd. It has been on the market for a very long time and few very people even look at the home.  |
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11-08-2007, 10:07 PM
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Senior Member
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Join Date: Sep 2007
Location: Plymouth, MN
137 posts, read 156,886 times
Reputation: 40
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If your relative won't drop his price, he either doesn't care about selling because he doesn't need to move or he can't afford to sell for less because he's in over his head. Prices are way down and that's not a bad thing, depending on who is doing the buying or selling.
Currently, this is a market correction and people need to realize what is really happening. It's time has come, as I'm sure you realize. It's just like the stock market...buy low, sell high. Your relative will make money if he/she has the patience to watch the real estate market. It's patience or "paytience".
Life is good.  |
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11-09-2007, 04:27 AM
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Senior Member
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Join Date: Nov 2006
Location: Las Vegas
2,412 posts, read 2,624,722 times
Reputation: 1201
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Life is great if you are buying AND can get financing. It stinks on ice if you are trying to sell.
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11-13-2007, 11:25 AM
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Senior Member
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Join Date: Jun 2007
Location: Minneapolis
487 posts, read 219,313 times
Reputation: 90
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I'm looking to buy in about 2 years (perhaps a little sooner). I'm hoping the market continues to flounder at least that long. The cheaper, the better!  |
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11-13-2007, 11:36 AM
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Senior Member
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Join Date: Jun 2007
Location: Rockville,MD
102 posts, read 118,519 times
Reputation: 24
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Quote:
Originally Posted by Aqualung
I'm looking to buy in about 2 years (perhaps a little sooner). I'm hoping the market continues to flounder at least that long. The cheaper, the better! |
woot woot!!!!
its down in suburban dc was @500k for a modest 60's 3-4bed/1-2bath to @400k woot woot will be buying early 09. |
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11-13-2007, 11:38 AM
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Senior Member
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Join Date: Jun 2007
Location: Rockville,MD
102 posts, read 118,519 times
Reputation: 24
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This is what would go for @ 250k in the MPLS area.
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11-13-2007, 05:55 PM
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BEEP BEEP RIBBY RIBBY!
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Join Date: Dec 2006
1,609 posts, read 1,149,485 times
Reputation: 264
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it hasnt even really begun to sink. Give it another couple years and people will be giving condos away.
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