Western Region Leads Real Estate Gains – February 28, 2011

The word for spring may be “Buy Now.” Favorable housing affordability conditions are having a positive effect on the real estate market. Statistics released last month show that existing-home sales increased 2.7% from December to January of this year. Even more impressive is the fact that real estate sales activity rose 5.3% from January 2010 levels. A recent NAR survey for January 2011 gives more insight into the market:

  • 29% of purchases were made by first-time home buyers
  • 23% were made by investors
  • 48% were made by repeat buyers
  • Cash sales rose to 32% of all transactions

The Western region of the U.S. led real estate gains:

  • In the West, sales rose 7.9%
  • In the South, sales rose 3.6%
  • In the Midwest, sales rose 1.8%
  • In the Northeast, sales fell 4.6%

Historically, real estate enjoys a positive spurt in the spring. One thing buyers face now are more stringent lending standards. Lawrence Yun, Chief Economist for the National Association of Realtors®, said, “There are abnormally high levels of all-cash purchases due to unnecessarily tight credit.” It is important to get pre-qualified to take advantage of the deals available. There may never be a better time to buy. Give me a call if you are interested.

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