2007 Home Sales were Fifth Highest on Record !

Existing-home sales declined in December following several months of stable activity. Even so, total sales in 2007 were the fifth highest on record, NAR says. Total existing-home sales, including single-family, townhomes, condominiums and co-ops, slipped 2.2 percent to a seasonally adjusted annual rate of 4.89 million units in December from a pace of 5 million in November. For all of 2007 there were 5,652,000 existing-home sales, the fifth highest year on record. Lawrence Yun, NAR chief economist, says the market is experiencing uncharacteristic weakness. "Home sales remain weak despite improved affordability conditions in many parts of the country, but we could get a quick boost to the market if loan limits are raised in combination with the bold cut in the Fed funds rate," he says. "Home prices are lower, mortgage interest rates continue to decline and incomes are higher, but many potential buyers are delaying a purchase."     Source: National Association of REALTORS®

So, if you are a potential buyer who is delaying a purchase, STOP Procrastinating! NOW, is the time to buy! Prices are down and so are interest rates, so it is a great time to make an investment in Real Estate.  In some cases even if you cannot make a lot of money on the sale of your current home (for example if you only break even), there is still a lot of potential to sell and find a great deal on another home with a lot of equity already there.

Call me today and I can help you locate some of these awesome deals!

Lorrie Thomas, Realtor    ~   RE/MAX Town & Country