Rise in February Pending Home Sales

According to the National Association of REALTORS®, pending home sales increased in February with notable regional variations.

The numbers are based off of the Pending Home Sales Index, a forward-looking indicator.

February hit 90.8 percent, up from 88.9 in January.

Although this month-to-month trend is promising, NAR Chief Economist Lawrence Yun said that it is more important to look at the broader trend for housing recovery.

“Month-to-month movements can be instructive, but in this uneven recovery it’s important to look at the longer term performance. Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines.”

- Lawrence Yun, NAR Chief Economist

Yun also said we may not see notable gains in existing home sales in the near-term. However, numbers are expected to rise 5 to 10 percent this year with the economic recovery, job creation, and excellent affordability rasing buyer confidence.

Interested in buying or selling your home? Contact us today for more information!

Source: REALTOR® Magazine | Full Story

Buyers Likely to Encounter Bargain Home Pricing This Spring

Decreased pricing on housing, coupled with interest rates which are still averaging below 5 percent, may lure buyers off of the fence during the spring season.

Both existing and new construction homes are seeing drastic cuts in pricing as sellers attempt to stay competitive.

Lawrence Yun, chief economist for the National Association of REALTORS®, offered a simple explanation for the bargain prices. 

“After three years of the housing downturn, people are becoming much more realistic in terms of valuing their homes,” he said.

With the weather improving, now is a great time to buy or sell a home! Contact us today for more information.

Source: The Wall Street Journal | Full Article

This Month in Real Estate Newsletter – October 2010

October 2010

October’s edition of the “This Month in Real Estate” newsletter has been released. Topics covered in this edition include the housing market’s recovery from the first-time homebuyer tax credit, a comparison of home sales from 2009 to 2010, mortgage rate information, and much more.

Please click here to access the newsletter. Also, please click here for the This Month in Real Estate video for October.

Contact us if you have questions on buying or selling your home!

This Month In Real Estate Newsletter – August 2010

August 2010

August’s edition of the “This Month In Real Estate” newsletter has been released.  Read about the state of home sales, the continuing trend of low mortgage interest rates, and more by clicking here.  As always, for more information on buying or selling a home in the greater Lafayette, IN area, visit our website.