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Your current link to what's happening in the
real estate market on Sanibel & Captiva - updated regularly.
Realtors see buyers returning to market
WASHINGTON, D.C. – May 20, 2009 – Historically high housing affordability and
low mortgage interest rates, combined with buyer opportunities in the distressed
sales market, have increased home sales in many areas of the country.
“There has never been a better time to buy,” said National Association of
Realtors® (NAR) Chief Economist Lawrence Yun, who presented NAR’s economic
outlook at the Realtors Midyear Legislative Meetings & Trade Expo. Yun noted a
“perfect storm” of favorable conditions.
“Housing affordability is at an all-time high, mortgage rates are historically
low, and interest rates are the lowest they’ve been since the days of
Eisenhower,” said Yun.
While he doesn’t anticipate an immediate pickup in the coming months, Yun
believes early summer will be a critical indicator of how homebuyers respond to
the $8,000 tax credit. “The home buying process takes time,” said Yun. “This
summer will gauge the success of the first-time home buyer tax credit.”
California has already shown signs of recovery, with home sales rising much
faster than anticipated; some areas in the state are seeing a 70 to 80 percent
increase in sales. Yun attributes the extraordinary surge to buyers who sat on
the fence but are now taking advantage of the great opportunities out of fear
that they’ll miss out on current deals.
According to Yun, many first-time buyers want deeply discounted and distressed
home prices. Nationally, distressed sales have made up about half of all recent
transactions. Fifteen to 20 percent have been short sales, and 30 to 35 percent
have been foreclosures. Yun says that these statistics are unfortunate, but the
situation, along with current home buying incentives, has created an impressive
window of opportunity for potential home buyers.
“The stimulus and falling inventory levels will help stabilize prices,” said Yun.
“My projection is home sales will be 10 to 20 percent higher the second half of
this year (compared to) last year, and we will come out of this recession in
2010.”
© 2009 FLORIDA ASSOCIATION OF REALTORS®
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