According to the Multiple Listing Service (MLS), sales of real estate remain low. In Washington State, for example, sales are down six percent over last November. That’s great for buyers who have good credit and a down payment, but it’s not such a wonderful thing for sellers who are trying to get out from under their house payments before they lose their homes to foreclosure. Of course, some sellers just need to move so that they can start another life somewhere else. Either way, they want to sell their home and go on to what comes next. If they don’t get the opportunity to do that, it can cause them problems financially and in other ways.
Because sales are low, people who want to buy houses have a lot to choose from. If they can get financed, that’s great. A lot of them can’t, though, so the houses that are on the market aren’t moving. Both buyers and sellers are struggling, and the banks aren’t as interested in lending to people as they used to be. Some sellers are renting out their homes because they can’t get them sold. That can help them pay their mortgage payments for a while, but they still may end up with a problem if their mortgage payments are a lot higher than the rent they’re getting.
In short, the housing market hasn’t yet recovered. It may not recover for some time. While there are some investors and others who are able to take advantage of that, most people are relatively stuck when it comes to buying or selling a home in today’s market. Patience will pay off, though, for these people. If they wait long enough the housing market will improve and they’ll have more options open to them. With current real estate trends, that might be the only choice some people have right now.