I can only speculate what the average days on market will be for a home for sell when you would need to sell 3 years from now, but I anticipate it will be different from what is going on now.
The problem with people selling is that they can't just take any offer, these houses have mortgages. Several people are afraid of short sells because it effects the credit. Now don't misunderstand the situaiton a lot of people selling don't necessarily need to move, most people end up right sizing their homes for the situation that they are currently in but a lot of them will stay until the market makes a turn if they don't sell.
I figure once the foreclosures burn off the market listings from individual sellers will dominate the market again and you will see the market rate for homes selling go up and average days will be shorter for the more expensive homes again, but that is more of a macro picture. The situation could very for each neighborhood.
Good Luck on your move.
Chris Hutchinson Real Estate
The Michael Group
Rent is high now and rentals few.
We cannot predict the future, but typically now for buyers, I like to hear more like 3-5 years as their expected time in the home with 5 being better.
If you're only going to be here 3 for sure, may be better to rent.
Remember you'll pay closing costs somewhere around 3% when you buy for the loan, inspections, etc and another 8-9% when you sell, so if you are here 3 years you will need appreciation somewhere between 3-4%/year just to break even on your costs. If you get a 30yrs loan, the 1st three years most costs go to interest and not equity, so you subject yourself to fairly large market risk on that kind of investment if you buy.
Just something to think about. There are also rent vs buy calculators on the internet with a google search.
The market is currently quite the opposite of slow. We are seeing multiple offer situations on newly listed homes as well as homes that were listed over the holidays and haven't sold yet. Homes that aren't moving can fall into one of the three reasons; priced too high, are in less than favorable market condition, or location. The Richardson area is a hot market right now and you can most likely purchase for about the same cost of renting. Also, the resale ability in Richardson is above par. If you'd like to discuss further please contact me at any time.