Cherry Hill, NJ Homes for Sale Why now may be the time to buy?
Many buyers attempt to catch the market right when not pressured to purchase for other reasons. In trying to do so, its important to do as much research as possible. While never foolproof, a broader sense of the economy, trending sales and mortgage rates can only help make your decision more timely to your benefit. In looking at some general market based criteria recently released, now may be the time to consider jumping off that proverbial fence.
Existing and Pending Home Sales appear to continue their recovery as both sales rose in November. A broader trend over the past 6 months indicates a modest if not gradual recovery into the new year.
According to the National Association of Realtors (NAR), November sales of existing single-family homes, townhomes, condominiums and co-ops rose 5.6 percent. Pending Home Sales rose 3.5 percent based on agreements signed in November. NAR's chief economist, Lawrence Yun, confirmed historically high housing
affordability is boosting sales. "The relationship recently between mortgage interest rates, home prices and family income has been the most favorable on record for buying a home since we started measuring in 1970," he said. "Therefore, the market is recovering and we should trend up to a healthy, sustainable level in 2011."
I'll have some interesting feedback on mortgage interest rates and their upward trend since the Fed instituted Quantitative Easing part II back in November and how that may positively play into a buyer's decision to purchase in 2011.
If you wish to search Cherry Hill Homes for sale in anticipation of jumping off that "fence" or discuss the current market forces and set a strategy for 2011, please do not hesitate to call or email AlanOrman@weichert.com or register at My South Jersey Home Tools.
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