Wednesday, May 27, 2009

Existing Home Sales Rebounding!

In April, sales of existing homes in the US grew 2.9 percent in April, recovering from a decline in March. The National Association of Realtors (NAR) reported that the sales were due in large part to the low prices on new builds.

NAR said sales of homes increased to a seasonally adjusted annual rate of 4.68 million units in April from a downwardly revised pace of 4.55 million units in March. They had initially estimated the March rate at 4.57 million units. The April sales exceeded the forecast of 4.65 million units.

This is good news, depite the fact that sales this April were 3.5 percent below the 4.85 million-unit level in April 2008.

Buyers all over the country are being spurred on by lower prices. "We have definitely seen an uptick in both interest and home sales here in Mint Hill" said Rich Ferretti of Jamison Realty, "it is a great time to buy, especially for first-time homebuyers."

First-time homebuyers, buyers who have not owned a home in three years, are eligible for a temporary federal housing tax credit of up to 8,000 dollars for principal homes bought this year through November 30.

Home mortgage interest rates are hovering at historic lows, causing the buying surge. Freddie Mac reports that mortgage rates fell in April to a low last seen in 1971, at 4.81 percent for a 30-year fixed-rate mortgage, compared with 5.92 percent a year ago.

The housing market is certainly showing new life, and yet there remains a great opportunity for buyers to get a phenomenal deal.

Rich Ferretti
Jamison Realty

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