Foreclosure in New Brighton>Question Details

Erik, Home Buyer in Minnesota

Are starter homes moving at a slower or faster pace then the rest of the market?

Asked by Erik, Minnesota Mon Dec 31, 2007

I have a great little starter in New Brighton and we are anxious to move up during this buyers market. What can we expect? 1600fsf, 2 br 2 ba, office fin base, .33 acre, 600 sqf garage; asking around 210k

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If your house is in tip top condition it should sell in 120 days if not it could take longer. Sounds like a nice package but the $210K seems like a stretch for todays market. I personally live and work in the area so I know the market well.
0 votes Thank Flag Link Thu Feb 3, 2011
Faster. You state that you have a 2 bedroom. That might be your only drawback. At $210,000 people may expect 3 bedrooms. Best wishes!
0 votes Thank Flag Link Tue Jan 1, 2008
Metrowide, the $190k - $250k price point only has 8 months of supply.... the lowest figure for any price range right now! Given that New Brighton's average sales price is $250,000, I believe you are in a good position. New Brighton does have a great location and I think is underrated.

Whatever your home does sell for, in this market you're going to get a better savings on your move-up than you are "losing" on your sale... so I would be looking to price aggressively so that you can take advantage of the remaining sluggishness in this market on your buy side. Historically, sales are strongest in the March-July time frame, so you'd maybe see a slight improvement in the price of your current home but have less leverage on the purchase of your next home.

Also, rates are hovering near 6% today but were as high as 6.75% just last Summer. If they do trend higher, which I think they will, you'll see your buying power shrink slightly.

The sooner you list and the more aggressive you are with pricing, the more likely it is that you will be able to take best advantage of this market on the buy side.
0 votes Thank Flag Link Mon Dec 31, 2007
Erik, Michael's point on lots of foreclosures, but few being in great shape is right on the money. Being in New Brighton has to definitely help in your favor though. It's a great area, convenient and has great schools and those things all help! I grew up there myself and love the area! With low interest rates, a buyer's market, and a ample supply of inventory to choose from, I'd get your home on the market and move up as you are planning.

If I can be of any help or answer any further questions you may have, don't hesitate to get a hold me. My contact info is all on my website and the link to it is below.
Web Reference: http://www.toddnorsted.com
0 votes Thank Flag Link Mon Dec 31, 2007
Erik,
Because of all the forclosers there is a glut of "starter homes" on the market. However there is a shortage of homes in good condition for buyers not looking for a "fixer upper". I would hire a good Realtor and put the home on the market. You're correct, this a great time to move up.
Michael Doyle
0 votes Thank Flag Link Mon Dec 31, 2007
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