Existing Home Sales ClimbingAccording to CNNMONEY.com, sales of existing homes showed small gains in January. This would be the third straight month of increases. The reason for the increase is quite simple: mortgage rates are relatively low, there are many houses or condos to choose from and the prices of these properties are at all time lows. All of these factors put together makes for buying a property right now a steal. According to the National Association of Realtors, properties sold at an annual rate of 5.36 million during the month of January (which is up 2.7% from December) and 5.3% higher than the January 2010 sales according to CNNMONEY.com.
This up trend in the housing market is also due to improvements in the economy. There are more jobs available than previous years and the mortgage rates are lower. Based on a consensus of experts from Briefing.com, the sales were expected to go as high as 5.23 million. The actual sales were higher than projected. This increase in sales does have an impact on the supply of homes. Houses for sale went down to 5.1%. This drop was the lowest in over a year.
With all of this, people are still reluctant to buy because many can't qualify for a mortgage. Due to foreclosures and bankruptcies, a lot of people's credits were hurt along the way. Of course this shouldn't discourage the buyers out there. Prices for properties are very low. The time to buy is now. Houses that sold for $400,000 a few years ago now can be found for approximately half that price and even lower. There's many great foreclosures out there, you simply need to shop around. Sellers are desperate to sell and for those looking to buy, it's time to bid. We're in a buyer's market and the sellers are selling because they have to. The advantage goes to the buyers and you can get a great steal if you're patient enough and have a good agent. Use the Internet and search for great foreclosures in your area, you'll be quite surprised with what you can find.
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