After the turbulence in the financial markets of the past few weeks, many so-called experts have pushed out the timing of any housing recovery to 2010 or 2011. Some think it will take even longer. It is possible, however, that the world wide rescue packages will get us there sooner. Let us not forget that banks have been given vast sums of money by governements on the basis that they start to offer competitive mortgage terms once again.
Whislt any turn around is not going to happen overnight, come 2009, the mortgage supply should be much better. If enough potential buyers then decide the worst of the shake-out in prices is over, confidence could begin to return gradually.
There are a lot of “ifs” in that, for good reason. In the past few weeks we have seen the most dramatic financial developments in our lifetime. The hope has to be that the global storm is blowing itself out.
One thing I can say is that we are busier now than we have been in months - viewings and offers are being made, maybe not to the satisfaction of every vendor at the moment but it is a buyer's market right now.
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