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!
December’s “This Month in Real Estate” video has been released. This month’s edition focuses on the recent drop in For Sale By Owner listings across the nation and the National Association of Realtor’s explanation of why this may be the case. Access the video by clicking on the “Play” button below.
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According to a recent REALTOR® Magazine report, the average rate for a 30-year fixed mortgage increased from 4.46 percent to 4.61 percent last week.
Many industry experts believe that homebuyers will begin purchasing more rapidly as interest rates increase in order to avoid higher payments in the future.
For more information on buying or selling a home, contact us today!
A recent CNN Money article reveals only 60% of remodeling costs in 2010 will be recouped by homeowners, a number down from its 2009 counterpart.
With the return on investment being lower this year, it is more important than ever that sellers put their money into the right place if they do decide to remodel. NAR Chief Economist Lawrence Yun suggests sellers focus their efforts on their home’s exterior.
“In today’s buyers market, given the large inventory, where people have so much selection, it’s important to have the exterior catch the eye so they’re willing to step inside.”
~ Lawrence Yun
The article also outlines several steps homeowners can take to spruce up their homes in a cost-effective manner. See the link below for full details. For more information on buying or selling your home, please contact us!
With all of the recent changes concerning foreclosure homes, it may be difficult to understand how bank-owned properties are handled. The authors at CNN Money have put together a short quiz that will test your knowledge on foreclosures, helping you to put your foreclosure IQ in perspective. Click here to access the quiz and determine where you stand.
For further information on foreclosure homes, please contact us!
Last month, existing home sales jumped 10 percent to a seasonally adjusted annual rate of 4.53 million. Although the numbers are lower than their 2009 counterparts, industry experts believe the housing market to be in an early stage of recovery.
“A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium. But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions.”
~ Lawrence Yun, NAR Chief Economist
Existing home sales in the Midwest also increased in September, up 14.5 percent. The median sales price in the Midwest was $139,700, down 5.2 percent from September 2009.
Now is a great time to buy or sell a home! Contact us today for more information.