In the history of our country the present time stands out as one of the most difficult for the residential housing market. Of course there have always been bad times, and sometimes those times were regional, for example when a big factory closes that formerly employed many people who are suddenly out of work, resulting in many homes for sale in the same area.
It is a common situation that’s recurred over and over since the beginning of the industrial revolution two hundred years ago. However, the present housing market has some similarities, to that historical problem, but it’s happening all over the country. It seems like the prosperous areas are fewer in number than distressed areas, and yet there are many, many homes for sale everywhere. The situation is improving in certain areas of the country, but the overall problem is a long way from being resolved when you sell a house.
Looking at statistics, it often takes more than a year to sell a home now, even when the price is discounted and adjusted for the tough economy. The number of homes for sale in most metropolitan areas is enormous, and one noticeable trend is that expensive homes are listed in greater numbers than less expensive homes.