Thankful for Real Estate Market Surge
Nov
26
Written by:
11/26/2009 10:22 PM
I really hope everyone has had a great Turkey Day!! While you were eating and enjoying your day, I was digging through my mom's email to find some exciting news to share with you. Woof, I found it!!
Here are excerpts from this cool article from the NCAR about how housing sales are up! Now that is news for which to be thankful! Check it out!!
WASHINGTON - "Home sales surged for the second month in a row in October, climbing to the highest level in 2 1/2 years as first-time buyers rushed to take advantage of an expiring tax credit.
Home sales nationwide are now up nearly 36 percent from their bottom in January, data Monday showed, though they are still 16 percent below the peak in autumn 2005. At the current sales pace, there is only a 7-month supply of homes on the market and in some areas there are bidding wars. "
My mom had one of her listings go under contract last week with multiple offers. The property has been on and off the market for three years. She says with appropriate pricing and condition of the property, it will sell!!
"The National Association of Realtors said home resales rose 10.1 percent to a seasonally adjusted annual rate of 6.1 million in October, from a downwardly revised pace of 5.54 million in September. It was the biggest monthly increase in a decade, and far above the 5.65 million pace expected by economists, according to Thomson Reuters.
Without adjusting for seasonal factors, sales were up 21 percent from a year earlier and were up in all four regions of the country. The gains were led a 26 percent increase in the Midwest. Sales were up 25 percent in the Northeast, 23 percent in the South and 10 percent in the West.
The housing recovery is being driven by lower prices combined with federal programs to lower mortgage rates and bring more buyers into the market. The median sales price was $173,100, down 7 percent from a year earlier and off roughly 2 percent from September.
Many experts predict prices will hit a new low next spring, perhaps falling another 5 to 10 percent, as more foreclosures get pushed onto the market.
The government has tried to counter that trend by offering a tax incentive for first-time buyers and by keeping mortgage rates around 5 percent since the spring.
The tax credit of up to $8,000 for first-time owners was originally set to run out on Nov. 30, but Congress renewed it earlier this month and broadened its reach. People who have owned their current homes for at least five years can now claim a tax credit of up to $6,500 for a home purchase. To qualify, buyers must sign a purchase agreement by April 30."
So, along with our families, health, bones, and warm night-nights, wouldn't you agree this is news about which to be thankful?? Mom says there are lots of great properties here in Wilmington, NC, so call if her (Rainelle Mishoe) if you want a great real estate agent.
In the meantime, I will keep digging around for more great news to send your way!
Later,
Divot
