A recent article in the Daily Real Estate News showed that April Pending Home Sales in the North East increased nearly 7 Percent over March!
Even NAR Chief Economist Lawrence Yun stated that he believes buyers are finally getting off the fence with the current favorable market conditions for buyers.
"Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market," he says. "Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers."
Across the country the trend was up except in the south which slipped a small amount.
- Northeast: The Pending Home Sales Index shot up 32.6 percent to 78.9 in April and is 0.8 percent above a year ago.
- Midwest: The index rose 9.8 percent to 90.4 and is 11.1 percent above April 2008.
- South: The index slipped 0.2 percent to 93 in April but is 3.5 percent higher than a year ago.
- West: The index rose 1.8 percent to 94.8 but is 2.9 percent below April 2008.
This is a good start as I see it, and lets all hope that with the current incentives on the table for buyers, with low home prices, low mortgage rates, and the current $8,000 tax credit from the government, that they continue to jump off the fence and keep buying.
If you are one of those in the NJ area looking to take advantage of some great opportunities to buy right now, give me a call to discuss the options out there for you !
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Sheldon Neal is a local Maywood Realtor ® with RE/MAX, specializing in Homes For Sale in Maywood, NJ.
Sheldon is also a proud Maywood resident !
If you are looking for Maywood Realtors, call local Maywood, NJ expert Sheldon Neal for all your Maywood and Bergen County Buying & Selling needs !
Sheldon Neal ~ RE/MAX REAL ESTATE LTD.
cell: 201-481-2891
email: SheldonNeal@remax.net
website: www.SheldonNeal.com
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