When will it end

Taken from responses to the question "When will it end?" by other Realtors.

1) As long as the banks are involved in real estate transactions which they know nothing about, it probably won't end for years to come. These banks are unbelievable. They just sent us a short sale package back saying that the word "Phoenix" was abbreviated "Phx" and it need to be spelling out on the listing contract. Once it was corrected, it took them two weeks to come back and demand that all parties sign the listing contract. Say what? Since when does a buyer get to look at listing contracts between the seller and broker?

Problems like this one are occurring every day. Yes, I wonder too, when will it end?

2) It will end when the large prevelent foreclosures and short sales end. I agree with (above), each bank/company has their own rules for these properties. It is not a matter of understanding how to deal with the foreclosure, because it is almost impossible to learn all the different rules.

3) Good question! I definitely agree with both (of the above), but would add that until unemployment abates and jobs open up or are created, we will continue to have issues.

4) There is also the perception by consumers that the market is in complete disarray and they are waiting for it to return to "normal." There are almost no buyers in the market because they think prices will continue to drop. Potential sellers know they are going to take a beating if they try to sell. They all think that, at some point, the market will return to where it was. Until consumers realize that this, in many ways, is the new normal, buyers and sellers will continue to sit on the sidelines.

Then there is the issue of financing. But I'll leave that for another commenter.

ED Comment: These are the views of four Realtors that offer reflection of where the market is and when will we see some stability return. "Normal" is not a return to our past, it is where we are today and for the foreseeable future. If you are sitting on the fence, waiting will not provide a better time to act for several years to come.

Denis