Slow housing market means better opportunities for buyers - WMC Action News 5 - Memphis, Tennessee

Reported by Lori Brown

Slow housing market means better opportunities for buyers

Houses are sitting on the market much longer than usual, putting a strain on sellers.

Elizabeth Bosley has been working to sell her home for three months. So far it's slow going.

"Quite a few showings, some interest not a lot of offers," Bosley said.

It's something home sellers may have to get used too. Harold Crye of Crye-Leike Realtors says 2008 is going to look a lot like 2007 when it comes to home sales.

That's because cleaning up the sub prime mess will likely take the mortgage industry and congress awhile.

"Will probably be 09 before we see some movement, positive forward movement in real estate industry," Crye said.

What's bad news for sellers is good news for buyers like Mikki Speed.

"We're really hoping we can get a good deal," Speed said.

Experts say Speed likely will be able to get a good deal with a market flooded with options.

"If I'm a buyer I have a lot to choose from and motivated sellers to talk to me," Crye said.

Here's a look at what experts say you should do to make your house stand out from the crowd:

  • Price it right
  • Make sure your house is clean and get rid of clutter
  • Get your lawn and front door looking good. First impressions are important.  

If you are trying to sell your house in this flat market, don't panic. Crye says compared with the rest of the nation, the Memphis market is fairing well.

"Market in Memphis is strong, house prices aren't crashing. If you're waiting for prices to drop 20-30 percent you're wasting your time," Crye said.

Real estate experts say the Memphis market is very stable.

That means the price for a home doesn't jump too high and it also doesn't have large dips either.

Click here to e-mail Lori Brown.

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