A true buyer's market will only appear when real estate prices hit rock bottom. Looking at it in 2008, a "true" buyers market won't exist until 2009 at the earliest and perhaps not until 2010 in the midwest. Yes, its true that places like Cleveland, Pittsburgh and Detroit never ran up like the two Coasts and other areas but there is a reason for that as well isn't there? Its called job creation and lets face it, the three cited cities and metro areas don't create enough jobs when the national economy is doing well let alone when the country is in a recession.
A word of advice to any prospective buyer out there: buy at your own peril and be prepared to hold your asset for a long time! Now, lets see if Trulia posts this answer since it is detrimental to real estate agents...
Homes are still selling, and in many cases selling quickly. If they are priced right !!
I think no matter which way it is, the deal should be win-win for both parties.
Laurie is trying to start a blog topic to get some interaction here and establish herself a presence on Trulia, no need to be so nasty but I guess that's your running theme.
Be very careful about comments people make or the advice you follow by doing a little of your own due dilligence, this character seems to have created a profile for the sole purpose of realtor bashing, take a look for yourself, he makes posts at the rate of 1 per minute with the same theme (Realtor Bashing), posting that quickly I don't think he even had time to read the full posts!
"Found The Bottom!" Profile posts
If I were to guess this person either lost their home and blames Realtors because todays society in America has a huge lacking of responsibility and has an Entitlement mentality, I like to call it an Obama nation of socialists that likes to blame everyone else for their problems. OR he owns a FSBO site and naturally attacks agents. But that's my 2 cents for whatever its worth, take it or leave it but judge for yourself.
By the way, the article referenced was true at the time telling the recent history of % of increase in housing prices per year when it was published. Where was this guy back then and what was his advice then?
The answer to your question really depends on the type of home, the prices range and the area that you are interested in.
It certainly is a good time for qualified buyers to buy a home. Interest rates are still very affordable.
Sellers have heard the stories of house sales being down (from the record all-times highs of 2005) and are more open to pricing homes to sell today!
The inventory of homes available in most areas & price categories is adequate, but it is shrinking.
If you would like specific information about specific areas, I would be happy to provide you that information for your review.
E-mail me at firstname.lastname@example.org or check out my swebsite ta http://www.CallRealtorJohn.com
First time home buyers, especially have the unbelievable opportunity to buy a great home at significantly lower prices than would have been even dreamed about just 2 years ago!