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How long to sell in TC?
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Post How long to sell in TC? 


What is the average time a house is sitting on a market these days? My next door neighbour put his house on the market over 6 months ago. It is still not sold. I don't see any traffic from interested buyers either. Is this going to get worse or better?

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The "average market time" is tough to say... as every price range is different and it's also different depending on area. The time that it takes is largely affected by price. The average market times are as follows....$200k-250k = 3mos. $250k-400k = 5mos. $400k-600k = 8mos. $600k+ = 1yr.+

Again, every city is different depending on the availability of homes in the specific price range. The law of supply and demand still exists.

Your neighbor could be experiencing the affects of poor marketing or a poor market, but in my experience, in this, and other markets, it's always a function of price. If you sit at the wrong price, you will, in the end, receive less money for your home.
It's a tough aspect of the current market for many to swallow. It's crucial to be priced for our current market.

It is a good time to sell as long as you are certain that you are getting the house that you are buying at a WONDERFUL bargain and that the price you are selling for is reasonable. Rates are GREAT and prices are down. There is no better equation for a move in real estate.

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I bought my townhome 13 months ago. My next door neighbour's unit has the exact same floor plan as mine. When he listed his house last July, he was asking for $35,000 more than I paid for. I thought that was a bit high. I know he dropped $15,000. But don't know what is going now on. 6 and a half months and he is still living there.

Has the Twin Cities seen the drop in home prices? I heard in other cities, the price has come down about 3% on average.

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What you are noticing is VERY indicative of our current real estate market. Prices have dropped in the past 6 months. I would say that the 3% drop that you heard seems quite accurate for a 12 month average. Your neighbor is in the same boat as many other sellers right now. Unfortunately there was no way to predict the fall seasons decline. Had your neighbor priced it where is currently is back when it was originally listed, it would probably be sold already. Many units are taking 6 months to sell. I have seen many recent sales with original list dates in July and August. It was a VERY slow fall. Many areas have an average market time of 4 months.

Your neighbor will likely sell close to what you paid for your unit. There has been VERY little, and in most cases, a slight decline in prices since you purchased.

As you mentioned in your question...they have the exact same unit as you do. This is one of the toughest aspects of purchasing a townhouse. There are EXACT comparable homes that make it VERY easy for a buyer to see what they last sold for and assume that they are all the same. A buyer right now doesn't have to spend more. They see that the last ones that sold (i.e.. yours) sold for $15k less than your neighbor is asking, so therefore...they aren't willing to spend more than that. It's VERY easy for prices to stay flat in a townhouse complex. A lot of competition and exact comparables are likely to blame for the plateau.

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