Where are the houses?

A few months back I wrote a post about a shortage of certain types of homes.  The shortage of three bedroom two car garage on the market in St. Paul.  I wrote the post because at the time I had two sets of buyers that I could not find a home for.  A couple with a home to sell t contacted me, by the time they did we had already found a home for one set of buyers and the home was not  the right size for my other buyers, so we put the home on the market and it sold in less than a month.  It was priced right and in good condition.

SmallblueThere is still a shortage and it has gotten worse. There are people looking for what I call average St. Paul homes especially those that are in the $175 to $225 price range. It doesn't seem that buyers are willing to pay a premium for them but they are willing to pay a fair price.  The $8000 dollar tax incentive may be helping.

If you have such a home and have been thinking about selling it now might actually be a good time to do so. If you follow this blog you will understand that I never make the claim that "NOW" is a good time for "everyone" to buy or sell but if you have a little equity and have the right type of home you may be surprised at how quickly it can be sold. One of the homes I put on the market in July got an offer before the sign went up.

There are homes that have been on the market for a long time and there are reasons for it.  Condos continue to sell at a much slower rate than other types of housing.  The number of homes on the market continues to decrease each month, even the number of foreclosures. We are seeing more multiple offers as banks continue to reduce prices on foreclosures until they get multiple offers and the price is bid back up. This has been going on for months. 

3 Comment

  1. It’s very bad about shortage

  2. All the good emotions and the bad emotions seem to converge when the house hunting begins. Don’t worry, this is a normal reaction, and is found in seasoned home buyers as well as those who are looking for their first home.

  3. Hopefully the credit is increased/extended for next year. It is really a great deal, kind of a no brainer for first time buyers.

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