CNNMoney confirms what we already know. It's a buyer's market in housing right now.
- It's official - even the nation's leading group of real estate agents now says it's a buyers' market in housing, as a soaring supply of homes for sale means nearly flat prices and longer waits for sellers.
My friend has been trying to sell his house for the past 2.5 months because he accepted a job offer in another state. At the 60 day mark, he lowered his asking price by $40,000. And he's thinking of lowering it even more. His realtor told him that since early June, 150 houses came on the market within the same price range within his town. And only a handful have actually sold. So, he's facing some stiff competition.
And as I mentioned in a previous post, I'm thinking of putting my condo on the market next spring. It's probably an understatement to say that I'm just a tad bit worried.