The National Association of REALTORS (NAR) reported in October that existing home sales increased over 5 and a half percent -- a sign of improved housing affordability. The estimated annual volume has been revised upwards from of 4.91 million to 5.18 million units for 2008, representing a 1.4 percent increase over the previous year. The combination of lower prices, higher inventory and low mortgage rates have all contributed to the increase in sales.
"This is the first time since November 2005 that home sales have been above year-ago levels," said NAR president, Richard Gaylord. "Credit tightened at the end of September, but the improvement demonstrates that buyers who have been on the sidelines want to get into the market to make a long-term investment in their future."
Freddie Mac is reporting a recent drop in interest rates for the 30-year, conventional, fixed rate mortgage, averaging 6.04 percent in September, down from 6.48 percent in August. Despite the lower rates, speculative investors have not yet returned to the market, according to Lawrence Yun, NAR chief economist. Yun reports, "80 percent of current buyers are purchasing a primary residence, which is a bit higher than historic norms."
|
Total housing inventories were down 1.6 percent for the month of September, marking two consecutive monthly declines since inventory levels peaked in July.
Anne Arundel County figures for October 2008 are shown below.
|
|
Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Information deemed reliable, but is not guaranteed.
+-------------------------------------------------------------------
+ Carlyn Lowery, Associate Broker, Keller Williams Select Realtors
+ Direct 410/268.0160 Central Office 410/972.4000 x4032
+ Free no-pressure search at http://www.AnnapolisMultipleListing.com
+ Local Real Estate News at http://www.AnnapolisRealEstateToday.com
+-------------------------------------------------------------------

+-------------------------------------------------------------------
+ Carlyn Lowery, Associate Broker, Keller Williams Select Realtors
+ Direct 410/268.0160 Central Office 410/972.4000 x4032
+ Free no-pressure search at http://www.AnnapolisMultipleListing.com
+ Local Real Estate News at http://www.AnnapolisRealEstateToday.com
+-------------------------------------------------------------------
The National Association of REALTORS reported in late September that recent sales for existing homes declined slightly, to an estimated annual volume of 4.91 million units for 2008. Recent tightening in mortgage lending has created challenges for some of today's home buyers. According to Freddie Mac, the thirty year fixed rate mortgage hovered around 6.5 percent during the month of August, up slightly from the month before.
Officials are hoping that recent actions taken by the Federal government will create stability in the housing market. Lawrence Yun, chief economist for the National Association of REALTORS, says, "With higher loan limits and a beefing up of the FHA program, all the mechanisms have been falling into place to increase mortgage availability."
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Statistics from the National Association of REALTORS®
|
Anne Arundel County figures for September 2008 are shown below.
|
|
Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Copyright 2008 - Information deemed reliable, but is not guaranteed.
+-------------------------------------------------------------------
+ Carlyn Lowery, Associate Broker, Keller Williams Select Realtors
+ Direct 410/268.0160 Central Office 410/972.4000 x4032
+ Free no-pressure search at http://www.AnnapolisMultipleListing.com
+ Local Real Estate News at http://www.AnnapolisRealEstateToday.com
+-------------------------------------------------------------------
+-------------------------------------------------------------------
+ Carlyn Lowery, Associate Broker, Keller Williams Select Realtors
+ Direct 410/268.0160 Central Office 410/972.4000 x4032
+ Free no-pressure search at http://www.AnnapolisMultipleListing.com
+ Local Real Estate News at http://www.AnnapolisRealEstateToday.com
+-------------------------------------------------------------------
With the national and global financial markets in chaos, and consumer uncertainty at a record-high level, lots of people are wondering how they can make the move they want to make, especially if they have a house to sell. Such times call for creativity - for making deals and designing transactions to meet the needs of the people involved, taking into consideration their positions and their objectives, rather than requiring people to fit into standard molds. This can be tricky to do when people are under pressure; it takes patience, flexibility, and a skilled team.
For a creative real estate deal that we recently structured, we were featured in the September 2008 issue of What's Up? Annapolis. Click here to read the article.
As I mentioned last month, now is the time to find motivated sellers and acquire properties at great prices with excellent financing, and to structure deals that work for everyone.
We are increasing our services to investors, so if you want to buy more rental property in Maryland, and you want to work with someone who understands your vision, let us know. And of course, if you know someone who needs to sell today, please call us right away.
We're building a new web site at http://www.IntentionalInvestor.com
Check it out and let us know your thoughts and suggestions.
+-------------------------------------------------------------------
+ Carlyn Lowery, Associate Broker, Keller Williams Select Realtors
+ Direct 410/268.0160 Central Office 410/972.4000 x4032
+ Free no-pressure search at http://www.AnnapolisMultipleListing.com
+ Local Real Estate News at http://www.AnnapolisRealEstateToday.com
+-------------------------------------------------------------------
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved