Why do you think the housing market is so slow in the Midwest area?
I have sold real estate for 18 years and have never seen so few buyers. The rates are great, the stock market is good yet people are not buying homes. The listing inventory is at an all time high. we are seeing more and more bank and foreclosed homes and even short sales that have never been popular before. Why arn’t the buyers buying homes. what is your opinion. Help
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November 29th, 2009 at 8:17 pm
The homes are expensive, people don’t have as much of job security as they used to and I dont think the rates are even that great. All that adds to the slump that we are in right now.
December 1st, 2009 at 6:09 am
The media keeps telling people that now is not the time to buy, and people believe them. Housing prices in the Midwest are great right now, with so many houses on the market, its easy to get a great deal.
December 4th, 2009 at 12:44 am
Variable rate mortgages, predatory lending practices, market glut, overpricing of homes, lack of savings by the average American, no job safety….
Take your pick. Lots of reasons for caution in buying a home.
December 6th, 2009 at 1:16 am
Where are the high paying jobs?
December 6th, 2009 at 8:37 pm
The economy sucks. There aren’t many buyers out there because there aren’t jobs and the jobs that do exist are paying less and/or not too stable. When you are worried about job security and making less money, you aren’t in a good position to get a mortgage. Beyond that, people who took ARM’s are having a hard time paying their mortgages now that the rates have gone up.
I live in Michigan. The average home price in my neighborhood was $130,000.00 four years ago. We currently have four empty houses on my street….thats 1/3 the total houses. One house is empty due to death and the rest are empty because the homeowners had to move out of state for jobs and are desperately trying to sell their homes before foreclosure. Everyone is pricing at what they owe, max asking price of the available homes is $135,000.00 Personally, I would be selling to move out of state if I thought I had a chance in hell of getting someone to buy the house.
The midwest has been hit hard by closing auto plants and loss of other manufacturing jobs to overseas companies. Unless we start to adapt and open businesses to begin to employ our people, we aren’t going to be doing better any time soon.