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There is nothing that will cause a rebound in this generation. It was an unsustainable bubble, a ponzi scheme, and it has played out. The culprits have taken the money and ran leaving everybody else holding the bad paper and debt obligations on over priced properties. Past crashes have not recovered for many, many years. Read up on the history of real estate collapses.
Quick, start storing food, Y2K is coming!!! Mass riots when everything fails, buy cases of batteries and bury fuel cans in your yard! Hurry, the sky is falling and we'll be bartering with beads soon...
I agree with the posters who indicated that you need to be aggressive about price. Since you are clearly ready to move (and acknowledge that this may be at a loss with regards to the house), get serious and make a major price cut, so your home compares extremely favorably with smaller or lesser homes in your area. This is not the time to get greedy or imagine that somehow you'll make money after owning the house just a year.
We recently sold our Orange County home this winter in order to relocate for a new job out of state. It was well priced to begin with, but came on the market at the end of November (I know---ugh!). After 5 weeks with regular showings (2-3 a week), but no offers, we cut the price. Immediately, we had more showings and multiple offers. Sold!
FWIW, this was a more unique rural property on acreage. However, we did price it to sell--and other comparable properties in the area are still on the market. I'm glad we sold it swiftly and delighted that the new folks will enjoy it as much as we did!
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