S&P/Case-Schiller Home Indicices For The Minneapolis Housing Market
Click here to view the data from the S&P/Case-Schiller Index for a 20-year composite look of the average pricing of major housing markets, which included the Minneapolis St. Paul market. From the data available, it appears that Minneapolis has pulled back in pricing from the peak of 2006. I.E. it is off by about 13%.
The average pricing in the Minneapolis area as of August, 2008 is very similar to that of June, 2003.
This (and much more) must really be factored in when pricing your home for sale. This is not a hard-fast rule, as there are micro-markets, within the Minneapolis/St. Paul macro-market that are still holding strong, and some that are projected to reduce in value even further yet.
The key to pricing, is meet with your professional realtor, one who does this full-time and knows your neighborhood. When selling your home, pricing is by far the most important factor in a market like this. Getting this right will make or break a sale. It can mean the difference between being on the market for one month, or 15 months (or sometimes more).
I know it is tough to do for many, but this is one area that if one will successfully sell their home, one will have to use their head instead of emotions: What one wants their home to be worth is often very different from what the comp and market data say it will sell for.
Financial Times.com Cites Unexpected Rise In New Home Sales
Interesting that new home sales are up for the latter part of the year. Of course this was largely unexpected by many. Read this article from the Financial Times.
This being said, it has been apparent to some that now is a great time to buy: Low interest rates, and low prices on homes. It may get a little better (especially in some areas) but by and large many are making cautious speculative calls that we are at or near bottom in many areas of the housing market.
It is very unfortunate the economic sector – primarily in it’s financial malaise due to the housing market – is not showing any signs of slowing.
It also appears that nobody really has a firm idea as to when and how our financial markets will stabilize.
Lake Calhoun Condo Just Listed : 3131 Excelsior Blvd #509
Beautiful Lake Calhoun area condo on the 5th floor, with beautiful panoramic views from the wonderful balcony. This home features all new kitchen and bath updates, indoor pool, sauna, 2nd guest room and separate full-bath. Price: $269,999. This is the best deal and location on the market today. Search zebhaney.com to compare with all others on the market.
Just Listed: 3806 Victoria Street, Minnetonka, MN
This is a great, solid home across from Evergreen park in Minnetonka. It is also right near all of the prime biking, walking and hiking trails.
This home offers .44 (almost 1/2 acre) secluded lot. It is a 3 Bedroom, 2 Full-Bath, 2,200 finished square-foot home with a finished basement, 4-season porch, new carpet, wood floors, updated kitchen with center wood-block island, all for under $300K!
Midwest Fall Home & Garden Show Minneapolis
Today I am speaking at the Minneapolis Convention Center on a real estate panel at the Minneapolis Midwest Fall Home and Garden Show. The real estate panel will be addressing such subjects as lending, the state of the macro-market, optimal areas to be purchasing in our current market, which areas to stay away from and what micro-markets within our Minneapolis and Edina metro market are the smartest places to renovate, or purchase a turn-key home. I’ll be the realtor on-tap.
The dates are Friday October 3rd, Saturday the 4th and Sunday the 5th, at the Minneapolis Convention Center, dowtown Minneapolis. For more information and tickets for the Minneapolis Midwest Fall Home & Garden Show, please click here.