My house in suburban Washington, D.C., has been on the market for two months now. It gets steady traffic (three or four visitors a week), and my realtor is receiving generally good feedback about the price and condition of the place. But not a single offer so far. The realtor predicted that it would take 30 to 60 days to sell, but that was based on last year’s market. I’m sure the house will sell eventually, but I’m getting nervous because I’ve long been planning to leave town and start a new phase of my life in January. Until it sells, I’m stuck here.
I guess I’m just looking for some reassurance that houses are indeed selling in the United States these days. Around here, the market seems to have come to a screeching halt this summer. It was moribund before the mortgage-finance crisis started driving interest rates up, and now it seems positively lifeless.
Is the situation the same in your area, or are some houses still selling? If you sold your own house recently, did you need to lower the price significantly, gut and make over the place, or add financial sweetners for the buyers?
Also, would any real estate or financial types care to hazard a guess about how soon mortgage rates will stabilize enough that people who are genuinely looking can feel more comfortable about making a commitment?