Your tag says "real estate pro".
What do you mean by "turn around"?
From the real estate professional's standpoint this is a great market.
More transactions are being closed this year than last year.
Prices have dropped, making more buyers qualified to purchase.
There is a great deal of inventory.
There is less competition because it takes skiil and knowledge to succeed in this market.
Interest rates are at historic lows.
What would have to change for the market to "turn around"?
Great question! Do you know why? If you ask me as a real estate person, I can answer you directly even that is not correct. If you ask me as a regular prospective client, I can not answer you any paritular number as time or price even that is correct. Be professional and legal, answering this kind of question should use adverbial adjuncts as detail as possible to limit the locations, times, zonings, price ranges and structure styles based on the future general econome, employment, law reformation etc.
For example, in Lancaster, depends on the property we are talking about such as ranch stlye SFR in old twon, new developement in east side or west side, condo, or vacant land. We also have to limit the zoning, D, A, R, I or C. County area and city area are mixed up in the suburban areas. How about high-speed road, 138 freeway plan and militiry units if the polical enviroment is going to changed.
Yes, people may just need a general picture but this is not the stock market. People there can buy an index if they do not know any particular item. In real estate market, People have to know both general view and some particular properties. Nobody can buy one property from each different sub-market. There is no index.
Do not answer it too short, too simple and too firm. Professional answers always begin with two words. That is "depend(s) on".
This does not mean in any way, the present time is not a good one to make a purchase. There is simply too much potential inventory to deal with in the short run.