Evidence of a Real Estate Market Turn Around: Its time to Buy or you may miss the Boat!

According to this video, the stats for November 2008 say that we are seeing a slow return of the real estate market. For buyers and investors who've been trying to time the market, now is the time to buy!

Increase in home sales is mainly due to improving affordability conditions.

Affordability index is up 17%.

Home Sales are up 1.4% from last year despite disruptions in the credit markets.

Mortgage rates remain low at around 6% and are expected to rise to 6.5% by the end of 2008 and hold at that level for most of 2009.

Inventory remains high at 9.9 months of supply.

We have seen 3 months of consecutive declines in inventory since the peak in June at 11 months.

Research findings: Housing bottom might be near – Market expected to stabilize in 2009.

Home sales expected to increase.

Home price declines expected to end.

Interest rates should remain stable at around 6 or 7 percent.

Source: Survey of 840 economists by the Keller Center for Real Estate Research at Baylor University

Sellers: Overpriced listings take longer to sell.

Each 10% listing price above the final sales price equals to 30 additional days (1 month) of marketing time.

Properties tend to sell faster when sold by firms affiliated with national franchises.

Larger homes tend to take longer to sell.

Source: Longwood University, Virginia

If you would like additional stats and trends for November 2008, feel free to email me at Liane@KW.com!