IS THE MARKET GOING UP OR DOWN?
Over the last 24 months, many of you have asked me, more than once, "How's the Market? Have we hit bottom?" I know I must have sounded like a broken record when echoing a confidant's words of wisdom..." If you're a buyer, there is no better time than now. If you're a seller and you have to sell, then why not? If you don't have to sell, then don't."
I understand your situation may not appear as straight forward as this. And, if you know me, even moderately well, you know I'm a big fan of analytics. Nonetheless, sometimes keeping it simple can help you put, what appears to be, a very complex situation into the proper context. This exercise will help provide clarity, allowing you to make sound decisions. We'll talk about this in a minute. So you ask, "What's new Steve?"
There has been consistent data across the Twin Cities (a new trend), illustrating reduced inventories and dramatically increased pending sales. Further, I believe, we have finally reached a balanced state of mind between Buyers and Sellers. That is, Buyers understand if a property is priced well, they must act or risk losing their future home to the next Buyer. Sellers, most often in the upper bracket homes, i.e., $500,000 and up (formerly know as the $1M plus bracket as recently as 2005), have already experienced the sticker shock (2007 - 2010). That is, their home has been listed well above what the market will bear. As a result they have taken it off of the market and now relisted at a more reasonable price point relative to their specific market. This is all great news and I strongly believe we are very near bottom, save two extraneous factors...
VIDEO
Over the next election cycle, the real estate market, throughout the country and in your neighborhood, will be affected by the economy and government policy. I won't get into details. I've already "penned" too much for one blog. Just know, regardless, of your views, left, right, center, or both, businesses, countries, and people, continue to remain on the sidelines amidst the uncertainty. So, if you are going to buy and sell, seek appropriate counsel. Do not go it alone!
That's what realtors do. We counsel our Buyers and Sellers so they can make sound real estate decisions. (This is a principal I hold near & dear and I must give credit to my business partner for introducing it to me years ago.) So, when you and yours are ready to buy or sell, or would simply like to better understand the real "estate" of the economy before you decide to buy or sell, give your realtor a call. We are here as resources to you.
Kindest Regards,
RE/MAX Results of Wayzata
Stephenson & Albers Real Estate Team
(763) 229-9067 Mobile
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