Is the new American dream simply to buy low and sell high? But how, in this market? From Minnesota Public Radio News feature Real estate is a tough sale:
Real estate statistics show a continued slump in home sales in the Twin Cities. And industry experts say no one should expect a turnaround anytime soon. For buyers, the market is full of choices and bargain prices. For sellers, that means a sale may take longer than they expect and they might not get as much as they hoped.
Where are you in this market? Are you a buyer, examining houses like a box of chocolates? Are you a homeowner settled in for the long term and unconcerned with this slump? Did you buy a home in the mad dash within the last few years and now terrified you paid more than the market will bear? Are you a seller trying to make the most of your property?
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Julia Schrenkler
Minnesota Public Radio Interactive Producer
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Comments: 7
David - you're so right. The development swing is huge right now and impacts the market to no end. I hope location saves you somewhat, even if those new homes are nearby.
Don't you wonder about how those new construction homes will age? Materials and processes have changed greatly. Look at how pale some of that late 70s construction looks...
You lucked out, Kat. I hope to be in that seat when it comes time to sell again ;-)
It's our first house and we took a looooong time to find just the right one. Sure, many of our friends live in bigger or newer homes, or "nicer" neighborhoods, but it doesn't really matter to us, our home has just the right balance. Plus our home was built in 1958 so the construction is solid!
No offense to anyone who lives in the south metro, but I am really glad we didn't decide to build in Lakeville/ Farmington/Savage/Eagan, etc. There are so many new developments down there that I get lost because everything looks the same. At least in Brooklyn Park/Crystal there are mature trees and the homes are just old enough to have matured out of that cookie cutter look. Plus it only takes me 20 min to get to Uptown/Downtown!
Although we don't plan to sell anytime soon we do take notice of these things.
Now I do know some people with a 10 acre hobby farm for sale in Nowthen/Burns Township (located in Anoka county between Elk River & St. Francis for those that don't know that area).
The property has been on the market for probably 4 years now. They've tried for sale by owner, they've been through numerous realtors. I just don't know what the problem is, I'm not real close to them so don't know all the details but I just know it's been for sale forever. The couple finally moved back to Virginia this month without the house being sold, their parents are aging and infirm and the plan all along was to move to be with them. Unfortunately the house in Minnesota is still on the market. (MLS#: 3345229)