Things are certainly heating up in Real Estate right now – despite the falling temperatures across the nation as winter sets in! (Remember the ice sculptures in Dexter!) - Click here for more information on winterizing your home!
The National Association of Realtors has the latest on Pending Home Sales, the news is again, fantastic!
The latest figures are the ninth consecutive month for a rise in the number of pending home sales in the pending home sales index for the nation! The first since 2001 when the index was created. For October 2009 the index increased 3.7% to 114.1 from 110.0 in September, and is 31.8% above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.
Lawrence Yun, NAR’s Cheif Economist, says that he expects home sales to be 5.5 – 6 million this year. Here in the Midwest the index rose 11.6 percent to 109.6 and is 36.6 percent higher than October 2008. He did warn that there may be a slight slow down in sales as the pend up demand released by the First Time Buyer Tax Credit eases. However, despite skepticism by some, it is clear that we have reached a turning point. Buyers know that real estate here in Ann Arbor Michigan and the surrounding area, offers a unique opportunity right now and are taking advantage of the situation. Particularly with the recent news that Ann Arbor Price Per Square Feet is trending up over the last 12 months.
As we said back in November, it is estimated that there are now 3 million renters who would qualify to purchase a new home – so what more can you say? Now is the time to get off the fence!
Overall this increase in pending homesales again is fantastic news! Falling inventory as well as low mortgage rates offer a great opportunity for buyers. Also, as we mentioned before, home prices in the area are relatively stable!
With mortgages in mind, the National Association of Realtors has recently said how the Federal Housing Administration mortgage insurance program is a critical part of the American housing fabric and has never been more important than it is in today’s market. So far in 2009, nearly 80 percent of all FHA insured purchasers are first-time homebuyers. The First Time Homebuyer Tax Credit has of course helped boost home sales in the region.
So in short – now is the time to act if you want a home in Ann Arbor for the new year!
Click here to search Ann Arbor Real Estate using our complimentary Ann Arbor Real Estate MLS Search service. Alternatively please contact Kathy Toth and the team if you need more specific assistance in your Ann Arbor Real Estate needs.
Kathy Toth & Team: Ann Arbor Area Real Estate Experts
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