Those with St. Louis homes for sale are buckling down for the long haul, but exactly how long will that be? I spent a little bit of time roaming the Internet to get the general "feel" from people on the housing market. It turns out that the answer all depends on who you ask...
Housing Predictor.com says, yes, the housing market appears to be making a rebound. However, that rebound, says economist, John Hines, is a false front. The government is pushing the rise in sales to make the housing markets look good and increase buyer confidence. Will the market ever get back on track? According to Hines, if Congress can get the lending pipeline going again, we might finally see a bottom around the third quarter of next year.
According to an article at The Ledger, Stephen Blank of the Urban Land Institute isn't at all optimistic. Blank says there's no quick fix, and that 2010 will be sobering. While the housing market is being helped by various factors, the foreclosure rate probably isn't going to drop and lenders aren't lending. Blank worries that financing may be lacking, even for those wanting to buy. He doesn't see the market doing much for another year.
CBS Money Watch
The best article I've come across so far, however, was written back in June at CBS MoneyWatch. The article says give the market at least seven years to recover. The author doesn't just quote doom and gloom, however. She has some great points for people with [city] homes for sale. I highly recommend the read, but here is the quote that stuck firmly in my mind:
"If you are a seller, get realistic about what you can get for your house. With so little upside in the foreseeable future, you may be better off to sell, even at a loss, since you can probably get back into a similar house at a lower price and very low interest rates."
It's a buyer's market; the supply of empty homes is much higher than the demand for them. If you have one of the [city] homes for sale and it's not selling, you may need to change your mindset a little. In this buyer's market, sellers may just have to bite the bullet.
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