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Old 10-30-2007, 09:08 PM
 
Location: Lakeville, MN - 4th nicest place in the nation to raise a family
285 posts, read 1,178,596 times
Reputation: 104

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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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Old 11-06-2007, 03:36 PM
 
97 posts, read 326,711 times
Reputation: 21
have you found that townhouses/condos keep their value better than SFH?
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Old 11-07-2007, 01:23 PM
 
5,341 posts, read 14,138,219 times
Reputation: 4699
Quote:
Originally Posted by doublesuited77 View Post
have you found that townhouses/condos keep their value better than SFH?
No, I would say the condos & townhomes have been hit worse than SFH as far as value lost goes.
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Old 11-08-2007, 05:18 PM
 
Location: MN
1,669 posts, read 6,234,361 times
Reputation: 959
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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Old 11-08-2007, 09:07 PM
 
Location: Traverse City, MI
138 posts, read 627,491 times
Reputation: 55
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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Old 11-09-2007, 03:27 AM
 
Location: Las Vegas
14,229 posts, read 30,028,651 times
Reputation: 27688
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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Old 11-13-2007, 10:25 AM
 
Location: Washington DC
626 posts, read 992,893 times
Reputation: 141
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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Old 11-13-2007, 10:36 AM
 
Location: Rockville,MD
102 posts, read 468,077 times
Reputation: 48
Quote:
Originally Posted by Aqualung View Post
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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Old 11-13-2007, 10:38 AM
 
Location: Rockville,MD
102 posts, read 468,077 times
Reputation: 48
This is what would go for @ 250k in the MPLS area.
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Old 11-13-2007, 04:55 PM
 
Location: 44.9800° N, 93.2636° W
2,654 posts, read 5,761,042 times
Reputation: 888
it hasnt even really begun to sink. Give it another couple years and people will be giving condos away.
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