<p>Bottoming? Perhaps, recovering? Not for years…though i will add i just refi’d and the bank appraiser gave an appraisal of what we paid for it in 2006 ;)…: jokingly, i said if you can find someone to buy it for that, i’ll sell it. :)</p>
<p>I think its pretty regional. My friend in DC says its picking up there, but where I live and where I am HOPEFULLY about to sell a house that has been on the market for months, it isnt true yet</p>
<p>I believe that the market will pick up a lot faster in states where they have non-judicial foreclosure vs. judicial. In some states (e.g. Florida), the foreclosure cases are going to be in the courts for years to come.</p>
<p>We are selling my parents’ home this spring (getting it ready now), so we hope that the market improves (Orange County, Calif).</p>
<p>When I was in Calif in January, I was happy to see that a home on my parents’ street did sell after it had been on the market for a few months. </p>
<p>I wonder if there is a certain price range that is more likely to see a comeback? Certain size homes being more desirable? We all know that Location, Location, Location matters…but what about price and size? What are buyers looking for?</p>
<p>My parents’ home would have sold for about $1M a few years ago…now, we’re looking at much less. But, maybe with some good news, it can sell for closer to that amount? fingers crossed.</p>
<p>DC area is very strong, friends moved there recently and homes were selling in days…they had to pay near ask on a home that was listed for 2 days…well over 1 million…that said, their home in PA still languishes ,though a tad overpriced</p>
<p>In our are, No VA, the market is not turning around at all. Our neighbor who is a broker, listed his home for 850K, purchased for 1.1 in 04. Had it on the market for a month, took it off for a month and has now re-listed it for 795K. 2 weeks in, few showings, no 2nd looks, no contracts. He has an assumable 4% mtg, which is a good deal.</p>
<p>Talked to my old boss yesterday who owns a C21, and she said right now they have listings, but no buyers, and even the buyers that come in are very finicky, if they don’t find their dream homes at their price, they rent for a yr.</p>
<p>A good place to check the real estate situation is on Trulia. They indicate how long a home has been on the market and whether it is a foreclosure. </p>
<p>In my neighborhood in Southern Cal, homes are not selling. My neighbor’s home that he bought 20 years ago, is listed for less than he paid. During the bubble years, 06 and 07, his home was worth twice that. (The peacock blue carpet and dated whitewashed cabinetry don’t help).</p>