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Home Sales Starting to Soar
By Stephen Roberts | June 3, 2009
The number of homes that are under contract rose nearly 7% nationally when compared to last month.
April was the 3rd straight month in which the Pending Home Sales Index gained and the biggest monthly gain since October, 2001.
Homes under contract is one that is in pending status, which means that it has an accepted offer, but has not yet closed.
The Pending Home Sales Index is not the most perfect way to measure sales, as not all homes under contract actually close, but it can be a reliable indicator of home buyer activity.
There are several major reasons why home sales are climbing;
1. The new $8,000 tax credit
2. Mortgage rates at or near all time lows
3. Decade low home prices in many areas
This data doesn’t necessarily mean that home prices are going to rise, but if the Pending Home Sales Index translate into close home sales, there will be pressure to have values rise. This is because of the reduction of supply on the market.
If demand rises while supplies fall, sellers regain the upper-hand in negotiations and higher prices are the inevitable result.
For any home purchase or investing options in the Las Vegas Valley give SER Realty a call at 702-739-4392.
Topics: Henderson Nevada Homes, Homebuyer tax credit, Investment, Las Vegas Nevada Real Estate, Mortgage Rates, foreclosures | No Comments »