Things are certainly heating up in Real Estate right now, which is very, very exciting!
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 West the index is 21.9% above October 2008.
Yun 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. Particularly with the recent news that there have been 97 home sales in Malibu during the past 12 months, with a median sales price of around $2 million.
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, particularly as it is estimated that there are now 3 million renters nationwide who would qualify to purchase a new home – so what more can you say? Now is the time to get off the fence!
In Malibu in the luxury market homes are still selling with foreign buyers wanting that beautiful trophy home! In short – now is the time to act if you want a home in Malibu for the new year!
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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Judy Kunisaki – CA DRE license 00963582
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[...] December usually is a slow month for home sales, over the holidays the last thing on anyones mind is buying a home. However, not December 2009 for Southern California, where the median sale price rises 4% over the same period a year earlier, and sales jumped 12.1%! The best since 2006! (See our related post – Malibu Pending Home Sales Rise Again!) [...]
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