Not So Golden — Or Plentiful
Once upon a time — like three years ago — having an out-of-town Buyer, especially from an expensive market like California, could be like winning the lottery for Minnesota Sellers.
After all, it’s just human nature for Buyers to bid more freely in a market where everything seems cheap by comparison.
Not surprisingly, the converse is also true: it can be tough for local Sellers when the Buyer is coming in from a less expensive market.
Often times, such Buyers need to lose out on a few, coveted properties before they reconcile themselves to paying (higher) local market prices.
CA Downturn Contagious
While the housing downturn and recession have certainly knocked the Twin Cities, they’ve absolutely clobbered formerly white-hot (and ridiculously overpriced) markets like Southern California.
The result is a one-two punch locally: not only are there fewer, incoming transfers from more expensive housing markets, but the ones who are coming are not nearly as flush as they were just a few years ago.
Just one more reason why it’s been an especially challenging market for Sellers of upper bracket homes in the Twin Cities . . .