An unexpected super surge in sales in March 2010 has many of us in the industry, and many buyers and sellers jumping for joy. As consumer confidence continues to rise, buyers and sellers continue to become more adapted to the current market, and real estate professionals continue to exude professionalism in our continually correcting market, real estate sales are abounding in a positive and promising way.
According to Lawrence Yun, NAR chief economist, it is positively promising to see an expansive home sales rebound in nearly every corner of America. This rebound has two resounding trends: “Sales have been above year-ago levels for nine straight months, and inventory has trended down from year-ago levels for 20 months running,” he said. “The home buyer tax credit has been a resounding success as these underlying trends point to a broad stabilization in home prices. This is preserving perhaps $1 trillion in largely middle class housing wealth that may have been wiped out without the housing stimulus measure.”
This spring time sales surge has birds singing in the Real Estate industry, but behind the sunshine there is a cloud looming. What happens after the tax credit ends? According to NAR Chief Economist Yun:
“With home values stabilizing, a revival in home buying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears,” Yun said.
With any luck, this statement will resonate to be true, and every home owner in even the farthest reaching corners of America will breathe a heavy sigh of relief. When looking at each region of America, the correction is resoundingly positive and numbers across the board have increased, even if only nominally. Here in the South, existing-home sales showed an increase of 7.1% for an annual level of 1.97 million in March 2010 and are 13.9% higher than in 2009. The median home value was $154,800, up 5.2% from March 2009.
With 4 days left to get contracted and benefit from the Home Buyer Tax Credit, I am gearing up for a busy week. If anyone needs help buying or selling, or just needs some positive words of wisdom about real estate...feel free to call me:)
Happy House Hunting!!!