When to Reel in That Big Fish in the Minneapolis and St. Paul Real Estate Market.
November 4th, 2007 Categories: Real Estate News, Twin Cities Real Estate Economy
It’s about time we all get real with the market in Minneapolis and St. Paul. Really real! Prices on homes are dropping like rocks from a cliff into a Minnesota stream on a weekly basis. Buyers, you’re holding out because you’re not sure how far the “rocks” are going to fall.
The reality is that we all have a lot to gain from this new Minnesota real estate economy.
There’s no crystal ball, but there are those of us who have been through this type of market drop and know that it will rebound. Back when everyone was hot for the book, The Beardstown Ladies’ Common Sense Investment Guide, How To Beat The Stock Market - Any How You Can Too…, we all thought that we had it figured out.
We went crazy for stock trading and joined investment clubs. Some of us pretended to be investors, some of us really were. It was a great time. We made money. Then, remember when reality hit?
Remember when AOL was the hottest ticket in town and everyone went crazy for it? Remember when it dropped like a rock? Today’s real estate market is much the same.
Buyers, you are waiting on the sidelines to see this market turn. Common sense will tell you that you should buy low and sell high. OK…then buy! Buy now! Don’t wait for the upturn and have to buy higher than you could have. You will be kicking yourself next year! Don’t let the big one get away!
Are you one of those people who have a problem with financing? Is that why you’re not buying? Probably not. The reality is that you’re holding out for the market to get to its lowest price. It’s time to reel it in. It’s not going to get much better than this!
Sellers, let’s get to the issue of selling your house. Buyers are salivating at the thought of buying your home. They’re just waiting until they feel that the bottom has hit. They’re fishing and trolling. Case in point: On a prominent national real estate website, I have the ability to view the number of “hits” that I have on my listings. Having checking today, there have been over 5,000 hits on one of my listings in St. Louis Park. I have not had that many actual showings, however.
Remember, sellers…if you have to sell low, you now get to buy low, too. Jump in, anytime! The water’s fine!
