Real Estate: Can't sell your home? Don't despair

May 16, 2008

If you haven't had many nibbles on your house, the second half of this year may see more people ready to buy.

If you haven't had many nibbles on your house, the second half of this year may see more people ready to buy. Experts at the National Association of Realtors, a trade group, say that higher loan limits on mortgages will translate into more sales, especially in high-cost markets. "Wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met," says Lawrence Yun, NAR's chief economist. That's welcome news for homeowners desperate to sell, especially those in the South and Northeast, where the rates of pending home sales have dropped precipitously over the past 12 months-30.3 percent and 25.4 percent, respectively, according to NAR's latest statistics. (Pending home sales are those where a contract has been signed but the transaction hasn't closed.)