Some sellers have been biding their time for three years and now wonder if they should continue to wait or bite the bullet and sell now.

Karl Case, co-creator of the widely followed S&P/Case-Shiller Home Price index, thinks there’s a 50-50 chance that we’re at the bottom of the market and that we’ll see improvements in the months ahead.

Unemployment and rising interest rates remain a concern. An increase in the number of new households is predicated on an increase in jobs. Even if we have seen the worst of the recession, most analysts believe the housing recovery could be rocky for years. A quick turnaround is probably not on the horizon. And, home prices may never reach the peak level of summer 2006.

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