National Association of Realtors Reporting Significant Increase in Sales in First Quarter

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We have all been waiting while watching the real estate market – especially during the rollercoaster ride that has resulted in some very low lows. But now, as we are in the midst of 2012’s second quarter the signs all point to an improving market. The National Association of Realtors is reporting home sales on the rise, home prices stable but lower than they have been in years and significant distressed properties on the market. All create a ripe environment for a great deal on a home creating an opportunity that many buyers are jumping to take advantage of before it gets too late.

Huge Jump In Home Sales in 2012

The NAR recently reported that home sales have reached the same level as they were during the first quarter of 2007. In the face of a changing real estate environment this is further indication of a strengthening market that highlights heightened consumer confidence with buyer power to match. The main reason for this spike in sales has been the phenomenal deals available to buyers right now. Combining the record-setting low interest rates with equally as unrivaled home prices, buyers are able to afford more home today than they have been able to purchase for years.

Great Deals Continue to Motivate Buyers

Almost a third of the sales reported in the first quarter of 2012 were of distressed sales. The reason buyers are attracted to bank owned or short sale properties is because they end up getting a fantastic deal on the home since banks want to quickly unload the property.  Despite the misconception that these properties are rundown, they are actually often in good condition. Buyers are savvier than ever before and realize that this opportunity will likely turn around soon enough with interest rates and home prices beginning to rise in some markets. In some areas interest rates have dropped to as low as 3.6% for qualified buyers with good credit standing.

Home Prices Starting to Come Up In Some Markets

As predicted by analysts, some markets that were hard hit by the recession such as Phoenix are beginning to see higher increases in home values. Before this trend spreads to most other markets, buyers are getting off the fence and buying up the properties they might have otherwise waited a bit longer to purchase. Currently, as reported by the NAR, the national median list price has dropped to $158,100 – indicating a very opportune time to buy.
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If you have been considering purchasing a home – we invite you to contact us so that we can show you how today’s fast-improving market works in your favor. Through our extensive resources and tools, we will be able to guide you through and to the successful purchase of your dream home!