September 2008 will be looked back at as the bottom!

By
Real Estate Agent with Associate Broker

WASHINGTON (August 7, 2008) –       The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in June, rose 5.3 percent to 89.0 from a downwardly revised reading of 84.5 in May.

      Lawrence Yun, NAR chief economist, said sales have been in a pattern of rising and falling within a fairly narrow range.  "The vacillation of data from one month to the next indicates a housing market in transition," he said.  "The rise in pending home sales was broad-based with all four regions showing gains.  This is welcome news because a rise in contract activity is necessary for an overall housing recovery.  With a tax credit now available to first-time home buyers, increases in home sales could be sustained with the momentum carrying into 2009."

 

 

Here it comes!!!

Adam

www.adamrich.com

 

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Maryland Real Estate and Mortgage Group
Tags:
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Rainer
3,253
Marvin Thomas
Harvest Real Estate, Inc. - Fayetteville, NC

Adam, how are things in your market? 

Aug 07, 2008 10:57 AM #1
Rainmaker
111,258
Lewis Poretz
Apex Home Loans - Annapolis, MD
Business Development Manager

Adam,

Are you saying here in maryland we have hit the bottom? I beg to differ with you bro. i wish it was true but the bottom cannot even be seen yet. Nobody knows where it is yet. Those home sales numbers are not accurate snapshots of "the bottom". The Washington Post reported 40% of all homes sold in Prince William County Virginia last month were foreclosures....   Home sales up - sure they are....    accurate comment to say things are picking up -  not even close....

I want to agrre we are at the bottom, i really do -   but in my opinion  we are 12 - 18 months away and 10% - 20% drop in values in the DC / Balt area still go to.......

Aug 07, 2008 03:43 PM #2
Rainer
8,432
Adam Rich
Associate Broker - Charleston, SC

I can't say you might not be right. You might. About half of everyone I talk to and everything I read thinks we have another year to go and about half think we are at or close to the bottom. Personally, in the past two weeks three homes, with two different buyers, that I have been working with were in multiple contract negotiations. In College Park, MD a quick snapshot showed one out of three homes selling in less then 60 days. The bottom line is there ARE a lot of little signs here and there that the market is changing. Basically it has taken about a 9 months to convince all the seller's they have to price it LOW and they finally are. That along with the new tax credit is finally bringing alot of buyers back. I predict we will look back at this Fall and see it as the bottom of the curve. That doesn;t mean prices will start to SOAR - it means we will have more of a "balanced" market! Homes SHOULD be on the market for 45-70 days! That is a balanced market. Adequate time to shop and negotiate - adequate time to compete - no "false" pressure.....

smiles

adam

 

Aug 12, 2008 09:41 AM #3
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Rainer
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Adam Rich

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