National Association of Realtors has released exciting information on a rise in pending home sales
The data is in and the news is great! A combination of record low mortgage interest rates, high affordability levels and the first-time buyer tax credit boosted sales for the third consecutive month! The Pending Home Sales Index nationally rose 6.7% to 90.3 from a reading of 84.6 in March, and is 3.2% above April 2008 when it was 87.5.
For the West Coast, the news is just as exciting, here in the the index rose 1.8 percent to 94. This news comes shortly after news that here in California for instance home sales are rising much faster than expected; some areas in the state are seeing a 70-80% increase in sales and price increases are expected shortly.
Video Courtesy of the National Association of Realtors
Lawrence Yun – NAR Chief Economist had this to say: “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market…[as] buyers must finalize their purchase by November 30th” – Now is the time to buy!
With new rulings allowing First Time Homebuyers to utilize the tax credit as a downpayment before receiving their check from the IRS it is expected that the upward trend of further purchases will continue. In 2008, 41% of all home purchases were made by first time homebuyers. In the first quarter of 2009, that number was 53% (according to NAR) they are an important part of the market.
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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