JUST OUT - Tuesday June 3 on fast Money CNBC from Washington….pending home sales increase 6.7% in April month-to-month. That is the 3rd straight month of rises in the pending homes sales index. Buyers are responding to favorable market conditions such as: 1) Increased affordability, 2) The first time home buyer tax credit and 3) Low, low mortgage rates.
This is backed up by Bloomberg's News Article dated May 27 which stated the following:
Home resales in the US rose for the second time in 3 months in April as foreclosure auctions and cheaper prices spurred bargain hunters, supporting the case for an end to the industry's slump this year. "The housing market is beginning to stabilize," Fed Chairman Ben S Bernanke said in congressional testimony on May 5. "We continue to expect economic activity to bottom out, then turn up later this year."
Locally, a pick up in sales has helped trim the glut of unsold homes, with the most desirable homes being the first to sell. This decrease in inventory leaves the buyers who are waiting for "the bottom" (who knows when that will be, but it's close) finding that the less-than-desirable properties remain. Compound that with the risk of mortgage rates increasing and you have even more reason to BUY NOW. For first time homebuyers, the $8,000 tax credit applies to purchases completed before Dec 1, 2009. Short sales (a large part of our current market) can take 90 to 120 days or more to close, so first time homebuyers need to BUY NOW. Multiple bids are now common on foreclosure sales and even short sales, so you may have to make several offers before getting a contract, so BUY NOW to get the best deal on a great home!
Apollo Beach has 335 active listings, and 140 sold from Jan - May. At this rate we have less than 12 months inventory.
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