I had an open house yesterday near several homes in the Parade of Homes. Most of the people coming through were simply out enjoying the afternoon…open houses, especially $1.5M Parade Homes, can be great entertainment. Some people were having fun dreaming, some were getting ideas and trying to decide whether to build or buy an existing home, and others were out looking to see what their money will buy in today’s market.
In chatting with people, some were keeping their eye on the bailout, others were wondering if prices have hit rock bottom yet. The truth is, not all properties hit bottom at the same time…some have already hit bottom and been purchased, someone else got the deals. Others may never hit bottom…sellers will simply take them off the market and re-list later in better times. We won’t truly know when we hit bottom until we can see it looking back…by then it will have already passed.
The bottom line is, it has been years since prices were this low. I remember a number of years ago that people were lamenting that they should have bought years earlier, when prices were low. Now you can. You have another chance. Take advantage of it.
As I was in the middle of writing this post I took a pause to look at today’s paper…low and behold, one of my clients was pictured in the StarTribune checking out an open house yesterday in another part of the city! The article quoted another visitor as saying he was hoping the bailout would be delayed, hoping to capitalize on a bad market before prices start going up again. It would appear he thinks the time to buy is now.
By the way…my client’s house will be open next Sunday from 1 to 3. It’s a delightful Nokomis craftsman bungalow at 4320 11th Avenue South with beautiful woodwork and a master suite…come on over and let’s make a deal!
