For the first time in 11 years existing homes prices and sales have fallen. For anyone trying to sell a house, that definitely sucks, but for anyone that is considering taking the plunge into home ownership within the next year's time frame, this is great news. Prices have been slowly leveling off over the last 6 months or so here in Minnesota, but they haven't been falling.
I'm hoping that this national average will trickle its way into the Minneapolis suburb area. I somehow don't think it will because there is always demand for housing in the inner suburbs of Minneapolis, which is where I most definitely want to live since I hate commuting, so I don't see there being any plummetting in prices, but it would be great to see everything stay flat for a while and let inflation outpace housing prices.
If you know of a great house in the St. Louis Park, Plymouth, Edina, Golden Valley, or New Hope area, let me know, especially if it is a good deal.
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