"PENDING" HOME SALES UP IN MARCH

For two months in a row we've had the number of homes under contract to sell increase.

I am referring to national statistics, but I have also noticed, at least in my own part of the real estate world here in Chantilly and the Northern Virginia area, that things have been up-ticking somewhat.

As reported by an industry trade association, the Pending Home Sales Index rose by 3-plus percent last month.

This set of stats refers to properties that are under contract, but have not gone to Settlement as yet.

Keep in mind that deals fall out of contract all the time, especially in the current environment. At the same time, deals go through all the time as well. Not much is 100%. So this statistical indicator is not airtight, but it certainly is suggestive.

There are always a combination of factors at play in something as complex as the national housing market. Right now we have low mortgage rates, far better home affordability than the recent past, and then there are the various tax credits coming out of recent legislation. It is having an impact on demand.

There is still a lot of "supply" out there, but if you are a home buyer, that gives you more choices.

As always, we'll keep an eye on it.

Actually, I am doing a lot more than keeping an eye on it. I am in the middle of it! So let me know if you need help. That is what we do...help home buyers and home sellers reach their goals.

[The Kathy O’Neal Team serves home buyers and sellers in Northern Virginia, with special focus on Chantilly, Centreville, and the communities of the Western Fairfax region.]