Home Sales to Hold Steady
In an article dated March 6, 2008 | Daily Real Estate News:
NAR: HOME SALES TO HOLD STEADY
There are some great signs of an improving housing market. according to the article:
“Lawrence Yun, NAR chief economist, says many buyers have been waiting for higher mortgage loan limits.
‘The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rates in high-cost regions’, he says. ‘Therefore, a notable rise in home sales can be anticipated in the second half of the year.”
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in January, held at a stable level of 85.9, unchanged from December, but was 19.6 below the January 2007 reading of 106.8.
‘This additional sign of a stabilizing market is encouraging, and our members are telling us there’s been a pick up in shopping activity,’ Yun says. ‘ Our hope is that the increased traffic of buyers looking at homes will translate soon into more contract offers’…..(end of article)”
This is very good news for us here in the Midtown, Buckhead and general Atlanta market as we have seen a fairly stable market in comparison with the rest of the country. For buyers, there has never been a better time to buy, and for sellers, tensions ease and it is a good time to have your home on the market again.