Two real estate factoids to chew on this morning:
Teresa Boardman, Realtor and writer of the St. Paul Real Estate blog reports she’s seeing huge drops in asking prices.
I am not making this up. I am seeing homes listed in the MLS that have been reduced in price by $100,000 dollars. in one case the home was listed for slightly more than $200,000, when it went on the market a year ago and is now listed for 108K. I am watching it now to see how many days it remains on the market. It is bank owned and some of the banks have figured out if they make the price low enough they can get multiple offers and get more than they ask for it.
Meanwhile, according to Dakota County, even if your house isn’t worth a small fortune anymore, it’ll still be taxed as if it is.
According to the Star Tribune:
Because so many protections are built into the system, the housing slump won’t truly work its way into the household budget until next year. And it won’t kick in big-time until the year after that, county assessor Bill Peterson told the county board in a briefing.