When will the real estate market get back to normal?
That all depends on what you consider “normal” to be. If you’re longing for the days of 2001-06 (like most Realtors are!) when sales prices were rising and anyone could sell anything within a few days, then you may be waiting for awhile. Unfortunately for sellers, they will likely continue to be unhappy for at least a year or two as excess listing inventory is cleared out of the marketplace and the percentage of short sales, foreclosures, and other distressed properties continues to rise.
The other side of that coin is that buyers are in a great position to find a fantastic deal on a house. This may very well be the best buyers’ market we’ve ever seen in Rutherford County . Of course, one reason why there are so few buyers right now is that financing has become increasingly difficult to secure.
The bottom line? This market will probably remain “normal” for our area for the foreseeable future. Don’t expect to see much of an increase in the number of home sales or prices until unemployment starts to come back down. If you’re thinking of listing, be realistic on your price and get your house in great condition or it will sit. If you’re thinking of buying, make sure you have your financing in place and get out there already to take advantage of great deals on the market.