Positive News for Real Estate in 2013
Here is some positive news for real estate in 2013: According to news out today by the National Association of Realtors (NAR), existing home sales (number of transaction) slipped 1% from November to December but are up year over year by 12.8%. Total sales for 2012 were the most in five years.
While number of sales was down for December, home values rose last year. According to NAR, “for all of 2012, the preliminary median existing-home price was $176,600, up 6.3 percent from $166,100 in 2011, and was the strongest annual price gain since 2005 when the median price rose 12.4 percent.”
This isn’t news to real estate agents who have been in the trenches for the past year. Buyers, who have been testing the waters for months, have come off the sidelines. With their mortgage pre-approval in hand, they are hitting the open house circuit. Rates on a 30-year fixed loans are at record lows and prices, while rising, are down from their peak many years ago. Buyers feel a sense of confidence about getting into the real estate market.