Pending home sales are on a roll, up for the sixth straight month, according to the National Association of REALTORS. This is a pattern not seen in the history of the index since it began in 2001.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2% to 97.6 from a reading of 94.6 in June, and is 12% higher than July 2008 when it was 87.1. The index is as the highest level since June 2007 when it was 100.7.
Housing affordability has been at record highs this year with the added stimulus of a first-time buyer credit. Locally, we haven't seen that to be much of an incentive, but there is talk about the hope of being able to encourage/convince congress to extend the tax credit into 2010 and to expand it to all buyers of primary residences.
The savy buyers we have been working with locally, understand the opportunity of low interest rates, combined with stable home prices is a win-win for them. The rest of the buyers will be "kicking themselves" like the NAR commercials are showing right now.
Now is the time to buy, it won't get any better than this. Join the smart and savy buyers and get off the fence! Inventory is good, prices are stable, good interest rates are available.
If I were an artist, I would draw you a picture. Give us a call! We are excited to help you live the American Dream!
Mary Welch, Broker-Owner Preferred Choice Realty of Harper, Kansas
Member National Association of REALTORS, Kansas Association of REALTORS, Wichita Association of REALTORS