August 29th, 2012 categories: Real Estate News
Positive reports continue to showcase the housing market. This is great news for home sellers, especially those that needed to sell either for job changes in different locations or those that needed to sell for financial issues. For buyers it is still unbelievable news because it rides on the back of historically low mortgage rates. You can still obtain a 15 year mortgage for under 3%, just unimaginable.
According to the National Association of Realtors pending home sales rose in July to the highest level since April 2010 when the home buyer tax credit was about to close. Currently there are no home buyer tax credits.
The association’s pending home sales index rose 2.4% to 101.7 in July from 99.3 in June and stands 12.4% above July 2011 when it was 90.5. The data reflect contracts but not closings.
NAR chief economist Lawrence Yun stated “While the month-to-month movement has been uneven, more importantly we now have 15 consecutive months of year-over-year gains in contract activity.” All regions saw monthly increases except for the West which is plagued with an inventory shortage.
Estimations by NAR have home prices increasing 10% over a period of two years cumulatively, with 8 to 9 % in 2012 and 7 to 8% in 2013.
These numbers run true in the Finger Lakes area, most notably Keuka Lake, as we are starting to see a renewed interest in lakefront properties again. Buyers consist of both cash and conventional mortgages. So a hearty welcome goes out to all of those great people who want to become vacation home owners in the Finger Lakes.
Brought to you by Mary St.George Lakefront Realtor and Associate Broker at Wine Trail Properties, 315-719-8377 firstname.lastname@example.org