Housing Affordability – April 1, 2011

April is a pivotal month in real estate. There’s just something about spring blossoms and long-awaited days of sunshine that spark home buying. Families start making plans to move over the summer months. Historically, from April through mid-July, the rush is on.

March marked a time of unseasonably bad weather and international tragedy, which affected real estate across the nation. Nationwide, existing home sales fell in February following three straight monthly increases.

Lawrence Yun, the chief economist for the National Association of Realtors®, observes that “housing affordability is at record levels and the economy is improving. Still, home sales are being constrained by unnecessarily tight credit and appraisals that do not reflect rising prices. This tug and pull is causing a gradual but uneven recovery.”

All-cash sales were a record 33% in February and investors accounted for 19% of those sales. The balance of home sales was from first-time homebuyers or repeat buyers.

There are many great deals now. A prequalified buyer can reap substantial rewards. I work with some great mortgage consultants – let me know if you would like an introduction. If you need to sell first, we will work closely together to prepare your home to garner top dollar. Let the sun shine!

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