Real Estate Agents Expect 2009 Bottom

Some 7.7 percent believe the bottom has been reached and 16.5 percent foresee it as far off as 2010.

By: Larry Dunn A recent survey from Campbell Communications marketing research identified 52 percent of real estate agents expecting the housing market bottom to be reached by the early half of 2009. Some 7.7 percent believe the bottom has been reached and 16.5 percent foresee it as far off as 2010. Some of the 2,500 agents surveyed saw Washington State, Texas, and North Carolina as resilient markets favorable for home sales. Survey designer Thomas Popik feels home sales will be "intuitively" buoyed up by the spring-summer season when prices will "firm up or solidify at that point." Distressed real estate accounted for 41 percent of home sales in September and October, 29 percent were bank-owned, and 12 percent sold from short positions. Individuals accounted for 59 percent. Buyers looking for homes still face difficulty obtaining financing in the credit distressed market and are weary of their own homes falling in price. People need to see the bottom, but until then sellers will price unrealistically above the market and price-lowering foreclosures will make it hard to find the break even price.