Existing Home Sales Blow Past Expectations

Existing Home Sales Blow Past Expectations

Another month, another piece of evidence that the housing market is in recovery.

Existing Home Sales surged in October as the nation's homebuyers took advantage of low mortgage rates, low list prices, and, for some, a generous tax credit.

Home resales are 23 percent higher versus a year ago and home supply is down to 7 months nationwide.

Inventory hasn't been this low since February 2007.

The news shouldn't be surprising, however.  The same real estate trade group that produces the Existing Home Sales report also publishes a monthly report meant to predict future home sales called the Pending Home Sales Index.

Pending Home Sales have been through the roof since mid-May.

So, with pending home sales showing no signs of slowing and 80% of pendings turning into actual, closed sales, we can expect existing home sales volume to rise in the coming months, too.  Especially because Congress extended the home buyer tax credit to include (1) "Move-up" buyers and, (2) Buyers with higher household incomes.

It's terrific news for home sellers. The housing market turnaround means higher sale prices and fewer concessions to buyers long-term.  Call me now and let me show you how we can get you the most money for your house.

To buyers, on the other hand, the news isn't so good. The window to find a "deal" appears to be closing quickly.  Hot properties, priced right, are selling quickly and in multiple offers.  Now more than ever, buyers need an experienced agent who knows how to position their clients to get the best deal on the best homes.  Call me now and let me show you why I am your best choice.