The real estate market peak, summer 2005 was a great time to be selling a house. All you had to do was post a For Sale sign in the front yard and you could expect multiple offers within days. Many times you would receive offers from individuals searching for homes FSBO and also offers from home buyers who had representation by a real estate agent.
Well summer 2008 is just around the corner and the real estate market is very different from three years ago. If you take an afternoon walk in any major subdivision you will see real estate for sale signs lining the front yards of houses like mail boxes. In cities like Las Vegas, Nevada, Stockton, California and Detroit, Michigan you will be lucky if you find a house with out a for sale sign. These are the cities that have the largest declines since the market peaked in 2005.
So how long will it take for the real estate market to rebound? Real estate economists estimate that home building and prices of existing homes will not stabilize and start to increase until the middle of 2009. This corresponds to the history of real estate cycles. If you research real estate cycles you will find that they typically last 3 to 5 years. That is 3 to 5 years for the real estate market to go down and hit market bottom, and 3 to 5 years for the real estate market to rebound and hit a new peak.
If you own a home and can not afford to hold out for another the real estate cycle then you may be wondering, how can I sell my house now? Well, you are not alone in this predicament. With home buyers waiting on the side lines for home prices to bottom out you will have a hard time selling your home now. There is one way to sell your house if you are very motivated to sell.
You can sell your house to a local we buy houses company. They are basically local entrepreneurs who make a living by owning real estate. They are very knowledgeable in real estate and solving complicated home selling issues. If you are going through a divorce, need to stop a foreclosure, sell your house before your bank takes your property, or if you home is 100 percent financed and you have no equity, they have a home selling solution.
Housing Prices Will Rebound in 2009