Rick's Real Estate Blog

This post sponsored through the pepperjamNETWORK by:
Get Armando’s exact step-by-step of success in his book Flip And Get Rich!

I have noticed a trend over the last few weeks/months. When I am on the floor in my office, the phone rings all the time again. It is interested buyers, passers by, and fellow Realtors showing our office’s listings. If I were forced to guess, I would have estimated that sales were up, now it is confirmed.

Another trend I have noticed in the market is the number of expired listings, those that did not sell, is down. I think this is because people have finally come to the realization that their property isn’t worth what it used to be, and they need to price it competitively to sell it. Additionally, “Bank Owned”, those properties being sold in foreclosure by the bank, are being marketed by the banks at rock bottom prices. They are generating multiple offers and actually receiving more than their asking price for the properties. Some are actually investing money in to repairs! That used to be unheard of for bank owneds.

According to the National Association of Realtors (NAR) “The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.

NAR President Charles McMillan says there are numerous buyer assistance programs around the country.

‘Some states are offering bridge loans that allow first-time buyers to use the tax credit for downpayment and closing costs, but there are many other local government and nonprofit programs available to buyers, depending on location,’ McMillan says.

Last week, HUD announced that qualifying buyers can use the tax credit for closing costs on FHA loans, to buy down the interest rate or make a larger down payment.”

Things are definately looking up in our industry and now is the time to buy at rock bottom prices. “NAR’s Housing Affordability Index is in record territory. The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, which makes it the second-highest monthly reading on record after peaking at 176.9 in January of this year.”

If you are a first time buyer, and investor, or a savvy homeowner looking to upgrade while the gettin’s good, call me right away at 386.837.5300. I am happy to help you with all your Real Estate requirements.

Related articles by Zemanta

• As the Foreclosed Move Out, First-Time Buyers Are Moving In (nytimes.com)
• Short Sales: Banks Blocking Way Out Of Foreclosure Crisis (huffingtonpost.com)
• Pending home sales rebounding (money.cnn.com)

Tags: Business, debary, deland, deltona, Down payment, Federal Housing Administration, Foreclosure, HUD, National Association Realtors, orange city, Real Estate, United States

This entry was posted on Wednesday, June 10th, 2009 at 11:01 am and is filed under Economy, First Time Home Buyer . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.