In the newspaper and on the TV and blasting from the radio were reports yesterday that the prices of houses in Minneapolis and St. Paul were up over 3%. Tell that to my sellers who keep reducing the price of their home and still no offer. Read on.
The average price they are talking about is $170,000.That is right in the heart of first time buyer inventory. First time buyers who thought the $8,000 was going away in about a month, were hammering to get a house. They were starting to fight one another for the same property. It was almost like the Oklahoma land rush!
A buyer purchasing a $170,000 house in Minneapolis is buying something that would have been more like $192,000 a year ago. They are not complainers. They are thrilled to own a house and can work at putting improvements in it. Another buyer who is looking at a house on the market for $270,000 would have paid $305 for it a year ago and he is fussy and trying to push that price down. He won't buy until he gets it on his terms. That market is not seeing the increase in price that the media is talking about.
All real estate is neighborhood specific. You need to understand the data that is being presented. I wish I could tell all home owners that their property is growing in value. It just is not true.
yes, we should also think of lessen our bills by consuming less electricity at our housed.
Posted by: Heating and Air Service | November 24, 2009 at 06:14 AM