More good news for home sellers

November's homes sales highest in three years

There is more good news for home sellers. The National Association of REALTORS (NAR) reported today that the the expected expiration of first time buyer tax credits spurred existing home sales for November to 7.4% over October's report. The tax credit has since been extended to next spring.

Economists surveyed by Bloomberg News had predicted that November existing home sales would total a 6.25 million unit annualized rate. October's existing sales number was revised to a 6.09 million unit annual pace. The actual sales numbers were the strongest since housing sales peaked in February 2007 at a 6.55 million unit pace. Attractive prices, and historically low mortgage rates are also contributing factors powering the existing home sales rise.

What this means for prospective home sellers is they may wish to ready their homes for the market and get it listed sooner rather than later to take advantage of the spike in interest among home buyers. There is no telling how long rates will reamain as low as they are or what effects the expired tax credit will have on the marketplace in the spring.

Creating curb appeal and decluttering your home is a great start. Minor remodeling that appeals to young and hip first-time buyers will result in a return on your investment. Think modern accents. And when considering wall colors, a safe and modern palette will appeal to the masses. These things will appeal to a wider range of first time home buyers.

If you would like more information regarding what it will take to get your central NJ home sold in 2010, do not hesitate to contact me directly or via email. A custom Competative Market Analysis (CMA) for your Somerset home is provided free of charge.