I heard John Foltz from Realty Executives say that it will be 12-18 months.

Peter
Are you listed with a Realtor?
How many homes, similar to yours, have sold in the last three years? The whole world knows now that your home could NOT sell for, so now you've got a problem.

Homes that sell in the first 30 days sell closest to asking price. I'd re-vamp the property market, re-launch the listing, new photos, staging, etc., and lower the price, increase the commission, etc.

We are constantly hearing the news media, newspapers and TV bemoan the terrible real estate market. This is like them giving a national weather forecast. It can't be done because like the weather, real estate is local. Here is the Charleston, SC area we are still selling homes and buyers are still buying. 2005-2006 are in the record books and it seemed all one had to do is waive a for sale sign and buyers fought to get that home! 2007, as bad as the media want to make it, was the 4th best year is over 35 years of record keeping.A home that is priced right, in the right condition and is agressively marketed will sell. Buyers do have many options but mortgage rates continue to be very favorable and are available. Each home is different but positioned properly will sell. 2008 will be "normal" as homes continue to appreciate and buyers continue to buy!

No one has a crystal ball. But my guess is 2010.

There's still a huge amount of inventory out there, as well as houses that haven't been put on the market because the owners are reluctant to. And there's a huge overhang of possible foreclosures that probably will enter the market in the next 12 months.

There's also a consumer reluctance. A fear, a nervousness. That's understandable and largely rational. But even if it weren't rational, it'd still be there; it'd still be a factor in people not buying.

Now, it's true that interest rates are very good. And prices have come down, making properties more affordable. And even if unemployment rises, still nearly 95% of everyone who wants a job has one. So I'm not preaching all doom and gloom.

But the pendulum swung one way--20% annual appreciation, 100% financing, no-doc loans. Now it's swinging the other. My guess: market stability in 2010.

I believe we have seen the worst. I am a Realtor in the Chicago Western Suburbs. I am experiencing a pick up in calls, and showings. I also believe in this area when the weather warms up it will bring buyers out of their homes and back into the market.
The housing adjustment needed to happen. How much longer could we go on thinking that a 10% appreciation each year in home prices was normal.
I believe that mortgage companies returning to their old mortgage qualifiying standards and home sellers and buyers being realistic in their expectations will bring our housing market back to a more normal healthy level