Sales Contracts Hit Highest Level in Months
So last week, I gave you the doom and gloom about buying in a HOT market.
Now here's a slightly different perspective that shows that buyers are still
buying!
The National Association of Realtors (NAR) just announced that the February
Pending Home Sales Index reached it’s highest reading since July 2015.
This index means that more contracts have been signed by buyers that will
soon translate to sales. February’s Index rose 3.5% month-over-month to
109.1.
What does this mean for the market?
Lawrence Yun, NAR’s Chief Economist explained:
"After some volatility this winter, the latest data is encouraging in that a
decent number of buyers signed contracts last month, lured by mortgage
rates dipping to their lowest levels in nearly a year and a modest, seasonal
uptick in inventory." "Looking ahead, the key for sustained momentum and
more sales than last spring is a continuous stream of new listings quickly
replacing what's being scooped up by a growing pool of buyers. Without
adequate supply, sales will likely plateau."
So What Does This Mean For Buyers?
There is a lot of competition out there right now for your dream home. Prices
are going to continue to climb, act now before you are priced out of your
future home. [My advice: Talk to me, let's be reasonable about this] If you're
really wanting to buy right now, let's sit down over a cup of coffee and set out
our plan. First things are first though, let's see how much home you can truly
afford based on your income and your comfort zone, simply ask for our Free
Home Loan Report, and we'll get the ball rolling. CLICK HERE
Now, let's look at what's for sale this week.
There were 9 new listings this week in Porter Ranch. They range in
price from $479,000 -$849,000; size 1551sf - 2959sf; age from
1960 - 2004.
Check out all the new listings this week in Porter Ranch – HERE
Warmly,
Anne-Marie Stone
Pinnacle Estate Properties
Cal BRE# 00923192
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