There has been a lot of encouraging real estate news in the media lately. While this is wonderful, it has lead a lot of prospective Minneapolis duplex sellers to believe the market for their duplexes will be back as early as late summer.
In other words, values will have rebounded to 2005 and 2006 prices.
In three months.
This is about as likely to happen as me winning the lottery.
Since their peak, real estate values locally and nationally have fallen anywhere from 25 to 50 percent.
What this means to a southwest Minneapolis duplex seller is the property that was worth 475,000 six years ago is now worth $300,000 to $340,000.
Recent headlines touted a year over year increase in Twin Cities real estate values of three percent. While this is wonderful news, continuing on at this pace would mean it would take us at least a decade to get back to where we were.
And that’s if we continue to see three percent appreciation.
If you’re thinking of selling your Minneapolis duplex, and don’t think you can endure ten more years of property management, please call.
We have more buyers than sellers in the marketplace right now, and while that won’t translate into the halcyon days of 2006, it will assure you of a quick sale and the ability to move on with all the other plans you may have for your life.