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.
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