During more traditional times sellers may welcome the Spring as a time when they start receiving more activity on their home. It seems that once the snow starts melting home buyer’s start to heat up their desire to buy their dream home and sellers are the beneficiary. Last year, homeowners had the benefit of this Spring time home buying season along with huge tax credits provided by the government for first time home buyers. This greatly impacted the housing market in the Spring but stalled the market later in the year when no credits were available.
This year there are no credits to help stir the housing market and homes have lost even more value then they had last year. Home owner’s who have already dropped their sales price down may have to continue to price drop. Home owner’s also have to compete with a gluttony of foreclosure listings sold at a discount. Because of this home analysts have delayed the housing recovery they called for this year until next spring.
This information is starting to sound familiar and repetitive. There are just too many vacant homes and excess inventory on the market that need to be dealt with first before the real housing recovery can begin. It makes one wonder if anyone actually knows for sure when the market is going to pick up or if this is the new normal market.
