Are Home Prices In Shoreview Coming Down?

I’ve been spending a lot of time over the past few months focusing on homes in Shoreview for several different clients.  They’re all in about the same price range so I’ve seen a lot of houses – maybe all of them – priced between 375,000 and 625,000.

Two months ago I realized that the difference between a fixed up home and a fixer-upper was very small.  It didn’t make sense to buy a wreck and fix it up.  If you could afford a little more, you could get a house that already had been. When I say “a little” I mean less than it would cost to actually fix it up.

I told my client about it at the time and yesterday I got this email, “You know, something must be happening in the market.  Maybe that shadow inventory we were talking about?  In just my neighborhood, you can see some properties coming online that (I think…) kick **** and ****’s a**.”

He’s noticing it too.  Prices – at least for the moment – have come down in Shoreview.  It’s not the shadow inventory.  Why are the prices coming down then?  Looking at the houses currently for sale the average days on the market is 110.  The longest is 785 days.  Can you imagine how awful it would be to have your house on the market that long?  Yikes.  My guess is sellers/banks have gotten sick of it taking so long.

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