As we get closer to the end of the decade I can’t help but look back and remember the great recession and the crash of the housing market. We survived it with just one layoff and managed to hang onto our home. I well remember meeting with homeowners who wanted to sell but would have to bring money to the closing.
I also worked with a few people who bought homes in 2009. There were more homes on the market back then and more choices. It was a buyers market. I had clients selling condos downtown who would throw in a months association dues or pay for a years worth of parking to sweeten the deal.
Prices have really gone up in the last decade. My own St. Paul home is worth almost twice as much as it was in 2009 and about 5 times what we paid for it. The neighborhood has changed too. There are far fewer vacant storefronts than there were in 2009 and more restaurants, breweries and coffee shops.
It will be interesting to see what the new decade brings.
