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Is the housing market ever going to get better for sellers?

My home value has dropped so much I am afraid to put it on the market now. How does the forecast look by Dec. or Jan 2011 ?
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August 14 2010 - Jacksonville
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On a nationwide basis it's expected that home values will continue to drop into early 2011. This is a change from the earlier belief that home values would stop their descent by the end of 2010.

But the real estate market is geographical so some areas of the U.S. may not see a drop in values but I wouldn't expect to see an increase in home values for some time.

For information about your specific area (and even your neighborhood), contact a local Realtor. Their advice is free as you only pay them when and if you sell.
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August 14 2010
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The market value depends on the place you have the property and also the present condition of the home.
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November 29 2010
As for a personal property I can tell you it will be a long time before you will see a turn around. Most of America is upside down on their homes purchased 5 years ago. But the market is ripe for investors. Buy cheap properties now and sell at market value for the profit.  Keep in mind that this is the perfect time to make an enormous amount of money. 

Anthony Sampson
[contact info removed by moderator]
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November 28 2010
Nomally Dec and Jan are historically slow months for most of the country.  In my experince the best way to stay connected to th emarket is through a trusted local real estate professional.  Ask your frineds and family for a referral if you do not have an agent today.  The real estate professional can guide you through the process and help you with marekt timing along with market performance in your area.  Best of luck!
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November 28 2010
It really depends on the market that you are in and the property that you bought.  The market that I service has seen a very strong stabilization and in some case particlar properties have actually been sold for more than what they were purchased for in 2006.  So it really pays to make an get the right information so you can make an informed decisions.
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November 28 2010

The only thing I did not see metioned is that you might be able to rent your home.  If you are really wanting to purchase a new home now.  It really depends on your situation.  Do you need to sell now?  Can you afford to hold onto the home as an ivestment - rental income?  Lots of variables, lots of options, but only you and your situation can determine the correct answer.  As everyone else has stated contact a local real estate agent. 

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November 27 2010
Not anytime soon, Florida is one of five worst states hit with this depression.  My professional opinion is 3-5 years once the abundance of forclosures are sold and building of new construction picks back up then you could see a slight upswing.
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November 25 2010
I heard an economist the other day say that lending was starting to loosen up, but we will need 3-4 years to work out the excess inventory levels. Remember, you may not get what you want for your house now, but you also have the opportunity to buy another house at a good price with great interest rates.
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October 24 2010
The market is going up or down, should not influence you decision to buy or sell.  Ask yourself the following.

1.     How much money will I get if I sell my home?

2.    What will you do with the money?

3.    What are the benefits you would get from selling?

4.    What would you lose by Selling?

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October 24 2010
For sure...we have ups and downs in every market...as the economy improves and small business start hiring again the hissing market will rebound and we will all be sitting pretty again.
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October 23 2010

Yes, but NO one knows when.  If anyone did they would become very rich indeed.

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October 22 2010
While no one truly knows what the market will do, if you take everything into account - the economy, unemployment rates, etc., I feel the market might continue to decline. Depends on where you are in the country. Bergen County, NJ has faired pretty well during the last several years. While we've seen declines,certain towns have lost little value. Good luck with your home & I hope for every seller's sake, the market improves.
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October 19 2010
If you don't have to sell and are looking for the market to go up then you probably will be looking closer to 2012 or 2013, Not doom and gloom just the combination of banks putting more foreclosures on the market, in conjunction with unemployment and supply and demand. My question is why forecast. You know what the market is now, you know what the tax laws are now, and what interest rates are, anything else is speculation. Why gamble go with what you know.
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October 19 2010
Are You considering putting your home on the market?

Projects that cost less than $500 involve work that maintain and protect a larger home system can be worth tens of thousands of dollars.

Here are some of my top picks for home improvement projects under $500:


Cleaning Services

You might think that you've done everything when you check off your  cleaning list, but few people have the time and means to complete a truly comprehensive housecleaning schedule. While homeowners may be hard-wired to focus on dusting and interior surface cleaning, no component of housecleaning should be left unattended.

  • Clean chimney or fireplace ($250-$350). The cleaning task most likely to get left off your list, chimney sweeping will prevent lethal, creosote-burning fires.
  • Window cleaning ($200-$250). If you have easy-clean windows, go for it. Otherwise, use the pros to avoid injuries that can result from exterior window cleaning.
  • Carpet cleaning ($200-$250). Rented carpet cleaning machines don't have the high- pressure steam needed to do this job right.
  • Gutter cleaning ($150-$250). It takes more than throwing leaves down from a ladder to clean gutters. Pros will flush out downspouts and inspect the entire gutter system.
  • Maid service ($150-$200). Whether you need help finishing a spring cleaning list or with weekly chores, a housekeeping service can give you time for other home projects.
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October 19 2010
Hello Seabreeze,  The market is going to keep on falling for atleast another year. Perhaps it will stabilize and get study after then but its not going up anytime soon.
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October 19 2010
December and Janurary are typical NOT the time to list ... although the buyers out are serious, most are seriously looking for a better price than spring will typically generate... consider Feb-April...depending on where you live... there is no real right time...get in touch with a good local listing agent and follow their advise...if you need help finding a solid listing agent email me... be glad to get you a referral... good luck!
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August 31 2010
Seabreeze, I could respond, painting the picture with the same broad brush the media uses. Generally, the outlook is tepid and cooling at best. If you live in Modesto, Riverside, Reno or Greeley, the picture could be even grim until 2011.

We may like to think the media presents the worst possible picture and sometimes that is true. But, I haven't seen any information that puts a good light on the next six months, unless you live in areas where unemployment is lower. Still buying has slowed to a crawl. There still remains a large overhang of potential foreclosures and this will weigh on prices until numbers are drawn down closer to the nine-month range.

There are features on the Zillow web site and others that allow you to get a picture of how prices have been trending. A caveat, though: you should still consult a real estate professional. We're always happy to answer questions regarding the market.

Consult the chart for property declines in cities like Longmont, CO found on the city profile pages, and you will see there is a lot of separation in the way those lines for the nation and the city of Longmont have diverged. The chart won't negotiate for you, though. Buyers more than likely will still approach Longmont sellers with prices under the market because it is very much a buyer's market. 

That said, I would arm myself with all the information I can find in any market. Buyers do due diligence. Sellers should do their research on the market. 

My best,
BoulderSuz
720-810-0683


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August 31 2010
I'm hearing the market will continue to drop. If you don't have to sell, don't. Hang on to the property. Unless you have some equity or are OK with a hit to get a better place...don't sell.
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August 31 2010
Real Estate is cyclical. It never stays up and it never stays down.What happens in the near future depends on what part of the country you are in. As said, contact a local Realtor, they have the pulse on what is happening in their area.
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August 31 2010
Statewide, Florida's new housing market will continue to be slow as a result of more foreclosed homes becoming available.  That competition makes it very difficult for new homes to get built and purchased becausue buyers can often get an equal or nicer home for a much cheaper price on the foreclosure market right now.

Orlando, Tampa & Jacksonville are picking up.  Florida's "big cities" are less bad off than the rest of the state and they are going to be quicker to recover than other places.  Jacksonville in particular, is in a good position because its housing market never got as hot as other markets, as a result, it doesn't have as many foreclosures.  I think Jacksonville is primed to really take off, and with the expansion of the port it is going to have a lot of jobs coming in to the marketplace.
 
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August 31 2010
The truth is at this point everyone is pretty much right. The market success varies depending on location. Contacting your nearest real estate agent, and one who is familiar with the market in your area would be the one to give you a more educated guess.

Hope That Helps!
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August 31 2010
I think the market is still in the state of trying to adjust and correct it self.  We did have an overblown market for 4-5 years, so from history during late 80's - early 90's, we might be looking at 3-5 years further down the road before the price is climbing up which still depends on each locale.
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August 30 2010

Real Estate is absolutely dominated by specific area.  I would recommend contacting a realtor in your town who could give you an accurate account of past and predicted trends in your area.

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August 28 2010
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No matter what the economy look for a professional that has specific marketing systems to get top dollar for your home.
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August 19 2010
Yes, but no one really knows when.  Michael's on the right track when he notes that real estate is hyper local.  Nation number really mean NOTHING when it comes to real estate.
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August 19 2010
Everybody has their opinion when prices will rise and they are all right in a way. Yes, it will get better. When the glut of foreclosures and short sales are sold is when you will see a price recovery. I would be safe and say 3 years. But don't forget some markets or neighborhoods buck the trends so your situation may improve quicker than others.
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August 16 2010
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Expect foreclosures to come in hot and heavy through 2012. Add up to a year for them to be completely foreclosed on that is 2013. Add in government interference with programs like HAFA, HAMP, and more. That could add another year. Then we have a 2-3 year backlog of inventory now.

We also have a bad economy with high unemployment that removes many from buying. Add in higher lending standards so people actually have to qualify to get a mortgage.

By the time it all is added together it could be 2015 or later before house prices really have a chance to improve.

The one big unknown is hyper-inflation. With all the extra money that has been printed it could happen. If hyper-inflation occurs and jobs do not also hyper-inflate wages then prices could fall like a rock. If jobs also hyper-pay it could increase the $ amount asked for houses but the $ would be worthless so it does not really matter except for paying off an old mortgage.

Can it be better for a seller? Yes, but not in a real way for a long time indeed.
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August 15 2010
Yes it will get better for sellers

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August 15 2010
yes.
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August 15 2010
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The real question is..."When will the market allow you to sell?"

The answer to that will depend on how much you need to make on the sale. If you owe a lot on the property (i.e., bought at the top, pulled out cash, etc.), you'll need the market to rebound more than someone who owes less. A bit of the "Captain Obvious", but there it is.

Given the varying prices that people have paid for their houses over the past 3-8 years, I have a feeling that, in many areas, there will not be a uniform "seller's market" for quite some time.
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August 15 2010
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