Excellent news from the National Association of Realtors. The March 2009 Real Estate Statistics are in and the news is great for Malibu, California and the rest of the country!
The National Association of Realtors Pending Home Sales Index increased 3.2% to 84.6 from a level of 82.0 in February, and is 1.1% higher than March 2008 when it was 83.7. This is the second consecutive month with an increase.
This increase is partly due to affordability being at near record levels as well as historically low mortgage rates. Financing has also starting to become more and more available – lets not forget the $8000 tax credit for first time homebuyers too! The stars are aligned for buyers right now.
In fact, affordability is so high that the National Association of Realtors Housing Affordability Index was at 166.7 in March – down from an upwardly revised record of 174.4 in February due to higher home prices in March 2009. This shows that housing is in line for a steady recovery and more and more increases in the pending home sales index are expected. For buyers this means that the time to buy is now and that more price rises are likely in the future.
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If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.
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