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By Dennis Norman, on August 22nd, 2012
It seems almost every day I either run into or talk with someone that says they want to buy a house but are still ?on the fence? because they are just not sure if now is the right time or not.? Well, real estate is a very local thing, but from a ?big picture? standpoint, I can say now is the time to get off the fence and buy if you can.? If you wait,? you may very well see higher prices and fewer homes to choose from, depending on the market you are in based upon data I?m seeing.Today?s report on home sales for July from the National Association of REALTORS I believe supports what I?m saying.? Let?s look at highlights from the report:
- The number of homes for sale in July 2012 was 2.4 million, which is down 23.8 percent from July 2011 when the inventory was 3.15 million homes.
- The months supply of homes on the market in July 2012 was 6.4 percent, down 31.2 percent from July 2011 when it was 9.3 months.
- While inventories are dropping, home prices are on the rise?.U.S. home prices rose 9.4 percent in the past year.
- Foreclosures, REO?s and short sales make up less of the market now than a year ago.? In July 2012, 24 percent of all home sales were distressed sales, a year ago it was 29 percent.
All these things point to a tightening market, increased competition to buy a home and, as a result, increased home prices and sellers that are going to be tougher to negotiate with.? So, if you are financially able and, your local market is showing signs like the national market (you can always contact me for info your market, click here) then now is the time to buy!
Related posts:
- Thinking about Buying? Selling? In THIS Market???
- Existing home sales in August improve slightly reaching second-lowest rate in over fourteen years
- Buying a home more affordable than renting in three out of four major cities
- Existing home sales drop in July; Actual 2011 home sales through July down 5 percent from same time last year
- Home Sales Plummet in July to Record Low
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