National existing home sales were reported today at 5.24 million, better than the expectations of 5 million. The inventory of unsold homes remained at a 9.4 month supply, the best level in a year but still indicates a huge over-supply.
The housing market continues to show signs of stabilization, and although home prices are not about to move higher, the decline certainly seems to have subsided.
Locally we are seeing the purchase market picking up steam as well. Pending sales are up approximately 23% over last year in the King /Pierce / Snohomish county area.
An increasing number of first time homebuyers are moving into the market to take advantage of record low interest rates along with the $8,000 first time homebuyer tax credit. Only 71 business days remain to close in time to qualify for the tax credit!
The economy is currently in a bottoming process. Fed Chairman Bernanke declared this week that the global recession is officially over. Our current housing opportunities will not last forever. Rates will rise. Housing prices will rise. Tax credits will go away. Will you be the one who capitalized on this amazing opportunity…or missed it?
~ Courtesy of Wendy Charles, LoanCentral LLC, 425.468.9321, WendyC@LoanCentral.com
- Jeanette Eide
- Bellevue, Washington
- I’m a full-time professional Realtor specializing in residential resale and new construction in Seattle, Bellevue, Redmond, Kirkland, Issaquah, Newcastle, Sammamish, Bothell, Mill Creek, Snohomish, Everett, Woodinville, Kent, and Renton. Together with my husband Erik, we have over 17 years experience. We take the time to listen – getting to know you and establishing your exact needs. From there, our sole focus is getting you where you want to be, on time, in the smoothest manner possible. Together with our team of professionals, the closing of your transaction will be handled knowledgeably with the attention to detail you expect and deserve.
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