We are pleased to have Nikki Buckelew back as our guest blogger for today’s post. Nikki has extensive experience working with seniors and is the Founder & CEO of the Senior Real Estate Institute. Enjoy!
If you have not bought or sold a home in a few years (or maybe decades) it is likely that there are more than a few new trends in real estate that you will encounter as you begin to interview real estate agents.
Recently, Freddie Mac published a blog post titled Mortgage Rates: Still the Deal of the Century. They explained that, if you are planning to purchase a home, now may be the time:
“If you are in the market to buy a home, today’s average mortgage rates are something to celebrate compared to almost any year since 1971.”
Last week, we reported on the financial reasons purchasing a home in today’s market makes sense. The Joint Center for Housing Studies at Harvard University performs a study every year surveying participants for the reasons that American’s feel are most important in regards to homeownership.
The top 4 reasons to own a home cited by respondents were not financial.
Yesterday, the National Association of Realtors (NAR) released their Existing Home Sales Report. The numbers shocked many analysts as they revealed a 10.4% increase over the same month last year.
This is the highest number of sales since September 2013. Sales have increased year-over-year for six consecutive months and the 10.4% increase is the highest annual increase since August 2013. March’s sales increase was the largest monthly increase since December 2010.
Lawrence Yun, NAR’s chief economist, explained:
“After a quiet start to the year, sales activity picked up greatly throughout the country in March. The combination of low interest rates and the ongoing stability in the job market is improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years.”
Here is a graph showing home sales so far this year:
An increase in sales occurred in every region of the country even the Northeast that experienced one of their roughest winters in years:
Houses are flying off the shelves. This may be the perfect time to sell yours.