Housing Bubble is REAL

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Terry
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Posts: 77
Joined: Fri Sep 01, 2006 4:57 pm

Housing Bubble is REAL

Post by Terry » Mon Sep 25, 2006 6:28 pm

For the first time in 11 years, we saw a drop of median sales prices over the same period last year. I live in a townhome and bought my place a bit less than a year ago. My next-door neighbour is selling his. His unit and mine have the same square footage and floor plan. He listed his in July for $35,000 over what I paid for. I wish he sold it at that price. Over the last 3 months, there was literally no traffic from anyone who might have any interest. I check his current list price and it dropped $$15,000 already. In my neighborhood, for sale signs are everywhere and they keep popping up.

Anyone in the marketing buying or selling?

sdlifecycle
Posts: 6
Joined: Wed Sep 27, 2006 3:24 pm
Location: Minnesota
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The bubble is popping...

Post by sdlifecycle » Wed Sep 27, 2006 3:27 pm

I'm trying to sell my wife's townhome in a MN suburb and it's not going well. We've dropped it to close to what she paid for it 2 years ago. Now I know that townhome's don't appreciate as fast but its been on the market 5 months and we get a few calls but no offers. There are about 5 or 6 others in the same range and were near the low end. And the quality of the home is like new. New floors, all fresh paint so I fear the market has slowed and people are on hold. The supply is too high and I just hope it picks up soon because we're sick of paying 2 mortgages!

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