Nationwide, existing-home sales rose in both July and August. According to statistics
compiled by the National Association of REALTORS
® (NAR), total existing-home sales in July
were up 21.0 percent from July 2010, while August sales increased 18.6 percent from August 2010.
The national median existing-home price - $174,000 in July – was down 4.4 percent from July
2010. In August, the median existing-home price – $168,300 – was down 5.1 percent from August
2010.
Despite these difficult economic times, buyers should still be entering the housing market and
taking advantages of favorable conditions. Interest rates are at historic lows and the inventory available
on the market provides buyers with many different options to choose from when purchasing their
home.
It's a great time for buyers to purchase investment properties and/or purchase a unit where they can live in one side
and rent the other side. With the low interest rates buyers may find that most of their mortgage payment is paid with the
rental income.
The real estate market will appreciate - don't wait until the interest rates and the housing prices are high!
Comments(5)