Real Estate Sales? Encouraging News!
Have you noticed a bit more traffic in your subdivision lately? I have and wondered why. It could be related to some encouraging news related to home sales! It seems buyers are looking with intent to purchase! Not only that, but they are buying! Sales of existing homes have shown a rise of 7.7 percent! This is great news! For such a long time now it has seemed as though folks looking at homes on the market and following “real estate open house” signs have been carrying little spendable cash and more idle curiosity!
What are they buying? The answer to that question should provide further encouragement! According to the National Association of Realtors the current pace compares favorably to the 2005 high before the boom at that time turned into the bust we know so well. Investors are scooping up “distressed” property and paying cash! This is good economic news and good news for the neighborhoods as tired property will be repaired by these investors and thus the neighborhoods as a whole will reflect this improvement! This is a refreshing change indeed!
Brian Jones, economist with New York’s Societe Generale says “Housing’s been down for so long, we should take whatever good news we can get.” This is certainly true. Home sellers shouldn’t rush to spend the anticipated income from their home until it is actually in their pockets. Many factors contribute to the excess of available property which sits on the market and thus betrays the fact that further recovery is needed but these same factors can be challenging to one and encouraging to another and include:Continued on the next page