How bad is the housing market, really?

Question

My boyfriend has a very nice place with a few acres, and he's getting ready to put it on the market. How terrible is this going to be? I know the housing market is pretty bad right now.

FYI: He lives in a small farming community in the Midwest.

Thanks!

Answer 1

He can expect to wait months before it sells.  People cannot get loans, people are upside down on their loans.

Answer 2

It all depends on the market he lives in. Some midwestern areas are fine, others not.

If a property is properly priced with the competition in the area, it should move quickly. Make sure he knows what the competitive houses are priced for, and make sure he is competitive.

Answer 3

Its very bad where I am (Mid-atlantic), but I know some areas are doing fine, but not sure about the mid-west.  Anyhow, if he prices it right and is patient he should sell it eventually.  Its not like nothing is selling, but price it to high and its going to take awhile.