Home Selling in Rockford>Question Details

 pscchr, Real Estate Pro in Rockford, IL

When will housing ever recover?

Asked by pscchr, Rockford, IL Mon Feb 13, 2012

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15
Peter,
Real estate, like an commodity, will of course rebound. This is what makes it such an exciting time to be in real estate! For home buyer's that are speculating about purchasing a home, all I can say is DON"T! Right now is the absolute best time in history to make the investment in your future.There are SO many great deals, and combined with the low low interest rates, you simply can't go wrong. For sellers, trade up! You may not receive the price you paid for your home originally, or what you think your home is worth ,but the low cost of larger properties, combined with the current interest rates, will eventually more than make up for your losses. I am constantly searching for buyer's that I can assist, as I am so excited when I find that incredible deal, and want so badly to help people in this market. Great question!
1 vote Thank Flag Link Mon Feb 13, 2012
My townhouse has lost so much value I just can't think of selling. What do you think about buying and renting. Buying forclosures seems like capitalizing on someone's misery (unless it's from another investor who cut the propery loose?) What do you think about that?
Flag Wed Mar 13, 2013
Tomorrow. I'm sure of it. Well, maybe the day after that.
1 vote Thank Flag Link Mon Feb 13, 2012
After Obama is gone and the war on capitalism ends.
1 vote Thank Flag Link Mon Feb 13, 2012
Fact: The real estate 8 ball almost never has the right answer.
However, a good place to start is http://www.car.org/marketdata/marketforecast/. The California Asso. of Realtors Market Data Report offers some concrete numbers that can help narrow down this answer and predict the future based on the past.
0 votes Thank Flag Link Mon Feb 13, 2012
Based on my knowledge of the foreclosure backlog it will take at least 10 years to reduce the inventory enough to return to market where homes are selling the way they were. Unfortunately, this does not mean the prices will be as high or that there will be the same amount of foreclosures. When everything is said and done, houses will appreciate slower and foreclosures will be a market reality.
0 votes Thank Flag Link Mon Feb 13, 2012
That is the million dollar question. I took a guess earlier today, see the question linked below.
0 votes Thank Flag Link Mon Feb 13, 2012
Most of the national pundits are saying 2014 or 2015, but here in Rockford it's going to take longer than that, as we still have the highest unemployment rate in the state. And, most of the jobs lost are gone forever. Chrysler's third shift will help housing a lot, but primarily the rental market. I look for the Belvidere and East Rockford rental market to tighten up considerably. If you have rental properties, you will be happy!
0 votes Thank Flag Link Mon Feb 13, 2012
Such a deep question, who really knows, it all depends on our economy and the world around us, and who can really predict.Let's say if nothing outside happens and the economy slowly recovers then also the real estate market will recover SLOWLY..... i THINK we still have too many distressed properties and short sales and foreclosures for the market to go up, improve etc. Therefor my personal feeling is that it will take in most areas of the US a good 3 year to sell all that is distressed and then slowly the market will improve ......
All assuming that the rest of the world will do ok.

Good Luck to you

Take care and all the best to you.
Edith YourRealtor4Life! and Chicago and Northern Illinois / Nort!rs, Sellers and Investors alike
Edith always goes the X-tra Mile with a Smile for all her clients
Thank you for your referrals and your repeat business
Web Reference: http://www.tinyurl.com/MeetEdithHere
0 votes Thank Flag Link Mon Feb 13, 2012
Let me look into the crystal ball...

Really. Who knows. Our marketplace has been very busy this 1st quarter, which is a good sign people are finally realizing that is may not get any better than now for a home purchase.
0 votes Thank Flag Link Mon Feb 13, 2012
Hello Peter,
Housing is slowly recovering in some areas of the country. We won't see a complete recovery nationwide until the unemployment rate is greatly reduced, foreclosure and short sale inventories reduced, and the economic situation over in Europe on it's way to a resolution.

Buyer confidence has returned in some markets as they are taking advantage of ultra low interest rates, low housing prices, and a lot of inventory.

I suggest that you discuss how your housing market is fairing with a local real estate agent as they can give you the true picture in your locale.

Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Mon Feb 13, 2012
Hi, the pace of the recovery will be different in all areas. Some areas are rebounding nicely and others still struggleing. You will see it in spurts of growth.

Chris
0 votes Thank Flag Link Mon Feb 13, 2012
Here in Virginia recovery seems to be well under way, Pricing has adjusted and buyers are shopping.
0 votes Thank Flag Link Mon Feb 13, 2012
Patience is a virtue.................
Web Reference: http://www.321property.com
0 votes Thank Flag Link Mon Feb 13, 2012
Unfortunately, we still have some time to go. Now that the robo signing suit is settled, expect to see more foreclosures released. IL has a high shadow inventory. However, not all areas wil recover at the same rate. Speak to a realtor in Rockford to determine your local market conditions.

Millie C Lumpkin, SFR
Realtor
(708) 217-5644
mclumpkin9@att.net
0 votes Thank Flag Link Mon Feb 13, 2012
Peter,

The answer to this will likely be regional. There are already areas in which inventory is down, sales are up, and builders are building....unfortunately, this is and will not be the case throughout the country.

There are two looming issues that must still be dealt with before we will be able to enjoy a wide spread recovery....unemployment and home equity. Our national economy has to be viewed as the highest priority because without a stable economy the housing market as well as others will not be able to enjoy the success it did just a few years ago.

The housing market is a delicate thing and is impacted by so many different factors but at present there is none more critical that stabilizing home values. Buyers simply will not invest in property knowing that their investment will crumble before their eyes.

There is hope for a recovery but there remains to be tasks ahead of us that need very much to be yet addressed.

Respectfully,

Bill
0 votes Thank Flag Link Mon Feb 13, 2012
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