When will the pending sales slump be reflected in lower asking prices?

Another Epiphany post: On January 6, the National Association of Realtors revealed a distressing trend: Pending home sales are at their LOWEST point since they began making that information public in 2001, and things could get worse. As the highlighted text above reveals, NAR cautions that pending sales in December 2008 “could be comparably lower due to ongoing problems in the economy.”

TALKING OFFER TIP: Pending sales prices are not revealed in the MLS until after the closing, so recent sales or “comps” are not yet reflected in lower asking prices.

DEFENSIVE HOMEBUYING TIP: The pending slump will set the stage for a statistical rebound at some point in 2009. Don’t confuse that with an upturn in prices.

What’s your take, both on the trends and tips above and housing prices in 2009? When will the pending sales slump be revealed in lower asking prices, and when do you think housing prices will bottom out in our local city or town in Greater Boston (link to annual survey) or elsewhere?

If you’d like to know more about pending sales in your zip code, call 617-661-4046 to schedule a conversation over coffee or to participate in a local coffee klatch at Starbucks or another cafe.

Posted in Housing forecasts, Real Estate Bubble, Savings & Rebates, Timing the market

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