Well, existing home sales data for last month is out and the numbers were lower in March than in February. According to the NAR press release existing home sales were down 2.6%. Lawrence Yun, the National Association of Realtors Chief Economist, blames the lower sales on the lack of homes for sale. He also says that the level of activity is higher year over year. The reported data seems to confirm his opinion.
Average prices are up in most broad markets, due probably to more buyers and fewer homes for sale. Although it is harder to find an opportunity today that is as good as last April, continued low interest rates still provide attractive and beneficial opportunities. Smart buyers are buying now, and smarter buyers are enjoying the homes they bought last year. We will probably be saying the same thing next April.
If you have a lease that is set to renew in the next six months, now is the time to begin planning your "Landlord Firing" event. Take your pick, rent increase or low interest rates on home financing, your rules or your landlord's rules, pay your own mortgage or pay his. Call me to arrange for a free buyer orientation and planning session.
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