Higher Home Prices Ahead, Says The Pending Home Sales Index, How About Knoxville?
The housing market continues to steam forward.
As reported by the National Association of Realtors®, the Pending Home Sales Index posted its 8th consecutive monthly gain in September.
It’s the longest winning streak in the history of the index and Pending Home Sales are now at their highest levels since December 2006.
A Pending Home Sale is a home under contract to sell, but not yet closed. It’s the precursor to an Existing Home Sale.
Trade group data shows that nearly 80 percent of “pending” homes close within 2 months. The majority of those remaining close within months 3 and 4.
When the Pending Home Sales Index rises, it tells us that market activity has picked up. September’s data confirms what we’ve been noticing since February — the Buyers Market is ending.
With more homes under contract in the marketplace, homebuyers typically face one or more of the following:
1. Competitive, multiple-offer situations
2. Reduced purchase price leverage over sellers
3. Fewer seller concessions
Therefore, if you’re buying a home in the next several months, know that the 8-month run in Pending Sales will lead to a run in closed sales. It should result in higher home prices, too
Indeed, we’re already seeing it.
The housing market continues to steam forward.
As reported by the National Association of Realtors
That is the national market according to NAR. How about the Knoxville Real Estate Market. Personally I think we are in the toughest market Knoxville has every seen. The first time home buyers are buying right now just watch the homes that are selling in the $100,000-$200,000 price range. The market of $300,000 and above is still very tough and there are some GREAT values right now. With interest rates at all time lows and choices available on the market I have never seen a better time to buy. With my program TheBuyer411.com I make it easy for people to find there new home Check It Out.
The future of the Knoxville Real Estate Market???? As I see it we will recover but not as quickly as the national real estate pundits see it. My advise to Knoxville home sellers…If you don’t have to sell then don’t sell right now…If you aren’t going to be realistic on your price don’t waste your time..If you do have to sell price it realistically…The money you may be losing you can make it up on the other end on what you are buying. A good Realtor can advise you on current market conditions and help you. Hire someone you are comfortable with and take their advice.
If you are a buyer looking to buy a home in Knoxville?? Get to a good lender first and get your financing in place…Don’t go for an adjustable rate get a fixed rate they are at all time lows.Find a good Realtor hire them and get to work finding that new home. If you need some help check out TheBuyer411.com it will save you time any money.
If you need any help in buying or selling please feel free to contact me 865-675-8326 or [email protected]
