John Persico, Home Seller in White Bear Lake, MN

It looks like the smaller houses in WBL are starting to rise in prices ( as reflected in sales of 2 and 3 br)but the 4 bedrooms are still dropping.

Asked by John Persico, White Bear Lake, MN Sun Feb 28, 2010

WIll this turn shortly as more of the 2 and 3 leave the market?

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7
As others have said, this is definitely more of a price thing than specifically numbers of bedrooms. Supply of houses under $200k has been tightening in most areas for almost a year now, while price points about $300k are losing ground. As supply tightens, prices stabilize. This is especially true for the next couple months as we go into our strongest sales of the year and the tax credit further pushes demand.

Depending on the type, size and location of a home, a 4th bedroom may have very little influence in value or may impact it substantially.
1 vote Thank Flag Link Sun Feb 28, 2010
John,
My particular area has seen similar activity- the bottom of the market is selling quicker and prices have started to creep up in price but the prices of more expensive houses has continued to decline.
This is probably due to the fact that the smaller, less expensive houses, combined with the tax credit, made entry into the housing market affordable for first time homebuyers and led to higher demand.
1 vote Thank Flag Link Sun Feb 28, 2010
The two and three bedroom homes in almost any suburb are more likely to be in demand right now, especially the three bedrooms. Four bedroom homes as suggested typically reflect a higher price range. In a report I heard yesterday the comment was the demand is for $300,000 and under. Above $300,000 is having more of a problem and unfortunately a number of foreclosures and short sales are now pushing into the higher price ranges.
1 vote Thank Flag Link Sun Feb 28, 2010
I think your question is more about prices, than number of bedrooms. Prices are stabilizing in most price ranges. Some of the higher priced homes have a way to go down yet. Let me know if you have any questions on this.
1 vote Thank Flag Link Sun Feb 28, 2010
The market has been stabilizing prices have been rising on all properties. Some people are still underwater from 2008 though.

http://www.mnhomescontractfordeed.com/contact-us
0 votes Thank Flag Link Sat Nov 2, 2013
Hi John, you are pretty much correct in your observations. Having worked in the White Bear Lake real estate market for over 10 years now, I'm constantly monitoring prices. What's happening is the lower priced homes, those with 2 and 3 bedrooms, have stabilized and even beginning to show increased sale prices. The mid- and upper- bracket homes are taking a bit longer to catch up, but do seem to be stabilizing as well. This is a good sign as it shows the economy is making progress! If you have any more questions, please feel free to contact me at your convenience. Best of luck!
Web Reference: http://www.debcasper.com
0 votes Thank Flag Link Tue Mar 2, 2010
I completely agree with Aaron, demand will increase till the tax credit runs out and then its anybody's guess what will happen to the market after that. Inventory could build up again.
Web Reference: http://www.lennyfrolov.com
0 votes Thank Flag Link Sun Feb 28, 2010
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