When the housing bubble peaked, homes could be bought and sold with no trouble at all, according to Business Insider.
Obtaining credit wasn't hard, and home values seemed like they'd never cease to increase. But things have changed since the housing market crashed.
With that, credit was harder to come by, and selling a home became a long and difficult process, that could take years, according to Business Insider.
On average, it takes 10 months to sell a home, according to the Accredited Agent Seller Council. In areas severely hit by the housing crash like Phoenix and Las Vegas, selling a home is almost out of the question.
One of the biggest hurdles to selling a home is the price, according to Business Insider. It's still a buyer's market, and people selling their home are frequently disappointed.
People selling their homes need to lower their expectations and be willing to accept less than what they're asking, Robert Simon, a professor of urban studies at the Levine College of Urban Affairs at Cleveland State University, told Business Insider. "When you get the offer, don't be greedy. Take the first reasonable offer. Set a threshold within 5 to 8 percent of your asking price. Make a decision and go with it."
Since the housing bubble burst, sellers have had to lower their asking price on their home.
Home values in Kent and Ottawa counties in Michigan continue to drop, according to county equalization directors. Kent County Equalization Director Matt Woolford told Mlive, he estimated about 80 percent of Kent County residents will pay less in property taxes because of a projected 3.7 percent decrease in assessed residential values, continuing a dive-year decline.
Home prices continue to fall in Seattle as well, according to King 5.
"We've got people that want to buy but can't buy. We've got people that would sell if they could sell. There is too much fear in the marketplace," Pat Grimm, a board member on the Northwest Multiple Listing Service, told King 5, as sales in the area have dropped to 2004 lows.