Housing Market (Edina: lease, work, agent)

[mazzer]

How's the housing market in Minnesota? One of my MLS search engines supplies DOM stats and I was surprised to see many homes on 150+ days, one poor home was 500 DOM which is incredible. Admittedly they've not dropped the price once so it’s probably too expensive IMO.

Over in CA home prices are dropping like rocks but we were over inflated to be honest. Although some people have now entered negative equity.

I've also read a lot of backlash regarding CA as the place that's fuelling the housing recession. To be honest, I think its the Fed that's caused this slowdown as they wanted the bubble to burst. It definitely has, could it be time to help everyone out now?

[yellowsnow]

The RE people will always say no worries. It will sell when the price is right....meaning low enough. What you are seeing now is nothing. A huge percentage of people take their homes off the market in the winter. In a month or so there will be hundreds more listed. I believe the number of failed listings is way up there too.

Those who must sell will be bringing money to closing. Or accepting 0% growth in equity for the last 10 years or so. Those who can wait will wait. RE cycles, good and bad, are long and it seems like one group or another always has to suffer. Too bad there can't be a happy medium. Fair price, fair profit. The market will do as it pleases. For right now, the sellers are the victims and the buyers are the victors.

[mazzer]

Yep I'm losing out too, I'm having to sell my place for less than I paid for it.

Be glad to sell it in the end.

[Robert P Stewart]

Originally Posted by yellowsnow

The RE people will always say no worries. It will sell when the price is right....meaning low enough. What you are seeing now is nothing. A huge percentage of people take their homes off the market in the winter. In a month or so there will be hundreds more listed. I believe the number of failed listings is way up there too.

Those who must sell will be bringing money to closing. Or accepting 0% growth in equity for the last 10 years or so. Those who can wait will wait. RE cycles, good and bad, are long and it seems like one group or another always has to suffer. Too bad there can't be a happy medium. Fair price, fair profit. The market will do as it pleases. For right now, the sellers are the victims and the buyers are the victors.

There's an awful lot of supposition in your post, yellowsnow. First, the market isn't terrible - it's slow. There, I said it. But there is by no means a 'bubble burst' or anything even approaching it. More than price, a seller (actually, the Realtor), must take stock of the area and understand EXACTLY where that property fits in with all the others on the market. One then MUST make the property A) the nicest among its comparables, and B) the best value among its comparables. Dropping the price without understanding these two points is unforgiveable.

[yellowsnow]

The worm has turned! The remaining unknown is how long till it turns again?

I do know an agent who works for Edina and she sold 2 homes last week. She says in general homes are selling for 20% less than in 2004. Until there is a drop in inventory, I don't see big changes. I wish this wasn't happening. I need to sell my home too. But that doesn't change anything!

[golfgal]

Originally Posted by yellowsnow

The worm has turned! The remaining unknown is how long till it turns again?

I do know an agent who works for Edina and she sold 2 homes last week. She says in general homes are selling for 20% less than in 2004. Until there is a drop in inventory, I don't see big changes. I wish this wasn't happening. I need to sell my home too. But that doesn't change anything!

Considering homes were selling for 120%+ in 2004 that isn't so bad really.