I read an article recently that stated that the economic recovery was being hampered by people unwilling to relocate for jobs. They are unable or unwilling to sell their homes in this current market. For some, an underwater mortgage makes relocation difficult. You also have dual income households where one spouse would be forced to quit their job in an uncertain job market. There are other reasons I’m sure but this gives some substance to news reports that speak to the number of unfilled skilled jobs.
- Growing families unable to move into larger homes
- Empty nesters that would like to downsize or move into a condo where there’s less property maintenance
- Senior citizens unable to sell their homes to be closer to their children or to enter assisted living facilities or retirement communities
- People wanting to upgrade into something bigger or more upscale
- People with personal relationship situations like divorce or break-ups
Unfortunately, it will take several years for many communities to recover. Once the bottom is established, prices are not expected to grow at levels experienced during the bubble. That means, decisions have to be made either to sell, get comfortable where you are, etc. Millions of foreclosures are yet to be released or processed. Prices will take further hits in many communities before the bottom is hit.
Speak to a local realtor to find out the specifics of your situation. If you are in Chicago or the south suburbs, I would love to talk with you about your options.