This is always the problem with town houses, when you sell you're competing with your neighbors for a limited supply of buyers. Since the units are all similar it's hard to stand out other then by being the lowest priced. I still think if you have a three plus year outlook you'll be better off then renting. Even if the unit doesn't go up in value much the tax savings alone might make it worthwhile.
Michael Doyle Realtor
David, rates are low and there are some fantastic buys out there right now, especially if you are willing to be patient on a short sale or foreclosure property. Many are somewhat rough, but if a deal can be made, the dollar savings may be worth the sweat equity. Will you look outside Eden Prairie?
As Aaron stated, If you plan to buy, I'd plan to stay 5 to 7 years at the least.
I hope all goes as you hope!
Thanks, Todd Norsted
As a buyer, the townhome & condo market is ripe with opportunity as there is so much to choose from and some sellers have to sell. On the other hand, the oversupply of condos and townhomes will continue for some time and with this being a young development, turnover will naturally remain high for several years to come.
Market bottoms are impossible to predict and interest rates are very low right now so this might be a good time to pick up the right home at the right price, but I'd recommend that with developments like this you look at a 4-5+ year timeline for ownership simply because this market is not going to change overnight. This is a good location though and will always have that going for it, no matter the market.
Next week the REALTOR associations will be releasing 2007 market statistics and I'm looking forward to seeing what other trends become apparent when we're able to review the entire year at a glance.
As to the number of rentals, if you contact the association they typically require registration of rentals and can tell you. Many associations limit the number of rentals to keep the community predominantly owner-occupied and also to keep FHA financing approval, which limits the number of rentals allowed.