"Demand for housing will remian soft until the economy recovers."
OUCH. This is from a blog by Steve Harney, a leading real estate mastermind who, in my opinion, knows his stuff! His latest blog tries to answer the question on everyone's minds, "Why do Home Prices Keep Falling?". I encourage you to visit kcmblog.com and read the whole article, but it can be summarized with 3 points:
1. Expiration of homebuyer's tax credot
2. Distressed properties and their effect on ALL properties
3. Lack of consumer confidence.
Sellers, please remember, your home is only worth what someone will pay for it and what the appraisal shows as its value. What you paid, how much you have spent on it, etc. make no difference. Hard to swallow? Yep... but realistic.
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