We will certainly remember this period of time for the rest of our lives. Home prices continue to decline as evidenced by the most recent Case-Shiller Index which was reported this past Tuesday. Home prices continued to decline across the country. Minneapolis started to see some improvement and is now ranked #2 out of #20 (instead of #1) as the market with the largest price declines year over year.
Smart Money Magazine addressed this issue for home sellers and they continue to have a challenge in finding buyers for their homes. The most difficult thing for sellers to come to grips with is how can they get in front of the market. That’s code language for a reduced offering price. It’s critical today. My casual guess would be 70-80% of the sellers are not aggressive enough when it comes to price. Even when they finally do drop, they don’t drop enough because the market has already moved even lower on them. Recall the article I published yesterday about 50% off home prices in Medina MN’s upper bracket.
If you want to sell or need to sell, and can afford to sell, it’s best to be aggressive.
- Case-Shiller Index : 17 Of 20 U.S. Housing Markets Slipped In September (clewismortgage.wordpress.com)
- Real Estate News: Home Prices Decline (blogs.wsj.com)
- Case-Shiller Index: Minneapolis Shows Signs of Improvement but Leads Nation in Price Declines Down 8.5% Year Over Year (johnmurphyreports.com)
- Recalling A Conversation with a Seller Who Didn’t Hire Me (johnmurphyreports.wordpress.com)