In Seattle we are seeing a surge of interest in our listings, and more buyers out and ready to purchase. Our bank owned listings are getting multiple offers in many cases, and several of the first time buyers I am working with are in multiple offer situations as well.
Nationally the "return of the buyer" is making an increase in activity. Buyers have been skittish the last several years. Now there are a number of factors that are indicating it is time to purchase.
According to a report, (released today), by NAR (the National Association of Realtors), sales of previously owned homes rose again in January to hit a four month high of 4.57 million. The increase is believed to be the result of pent-up demand, record low mortgage rates, home prices that are beginning to stabilize but still viewed as bargains and steady but slow job growth.
The increase is also due to an increase in condominiums and co-ops sales. Existing condo and co-op sales accounted for 520K in sales up 8.3%.
As a region the West had the largest increase up 8.8% with 1.23 million homes sold. The South was up 3.5% with 1.76 million in sales followed by the Northeast up 3.4 % at 600K in sales and the Midwest up 1% at 900K.
While there are inventory shortages in some parts of the country overall inventories continued to improve in January. Couple these numbers with an improving U.S. Dollar and there is a great deal of optimism among real estate professionals that 2012 will be a year of steady improvement in both inventory and prices.
So what does this news mean to buyers and sellers?
If you are thinking of buying a home in the next 6 months do it now. Prices will be going up and interest rates have no where to go except up. This is one of those years people will be talking about in the future. “Remember 2012, wish I’d bought back then”.
Ask your REALTOR® if REO's might be an option or, if you can handle the ups and downs of the Short Sale process, your REALTOR® may be able to help you find a short sale at a substantial savings compared to traditional market prices.
If you are thinking of selling your home in the next 6 months list it now. Inventory is low in many parts of the country so there will be more potential buyers, (competition), for your home. Work with an experienced REALTOR® to price your home correctly and it will sell quickly.
In the Phoenix Metro Area, whether you’re buying or selling I offer a free, no obligation, consultation. As an informed buyer or seller you’ll make better decisions. Call me today at (602) 793-1627 or E-mail Nancy@NancyLaswick.com