Category — buying

Pending homes sales have been steadily rising over the past four consecutive months. 

The rise is due partly to the fact that the housing is becoming more affordable and buyers are discovering that now is the perfect time to buy a home.  The First-time buyer tax credit is also boosting home sales. 

The Pending Home Sales Index is a forward-looking projection based on the number of contracts that were signed in a particular month.  In May, this index rose .1 percent to 90.7 from an upward shift from 90.6 in April.  The last time this index increased four consecutive months was in October 2004. 

Lawerence Yun, who is the chief economists for the National Association of Realtors, warns that there might be delays in the number of contracts that actually go into closing.  “Closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed  or falling through from the application of new appraisal rules for many transactions.”  Yun went on to say “Rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards.  Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy.” 

Call your local realtor today in order to take advantage of these first time home-buyer tax credit.  There has never been a better time to buy.

It has been predicted by industry experts that the volume of home sales in America will continue to rise as 2009 progresses.  Prices are falling, interest rates are at an all time low, and tax incentives for first home buyers are all motivation for buyers these days. 

Last week, the National Association of Realtors reported that existing home sales have risen since April.  This is the second increase that we have seen in three months.  A month ago, the National forecast 2009 sales at 4.97 million and 2010 sales at 5.28 million.  “Housing affordability conditions have been at historic highs, but now the $8000 tax credit for first time buyers is beginning to impact the market,” says Lawrence Yun, Chief Economists for NAR.  This is yet another reason why there has never been a better time to buy.

Unemployment is a major concern as a result of the current economic conditions, and unemployment fears may be associated with “on the fence buyers” in today’s housing market. 

The simple fact is that people don’t have the sense of job security that they once did, so they are holding off on making large purchases, such as a house.  Coldwell Banker Inc. is happy to announce that they are launching a new incentive program, The Paycheck Guardian. 

This program provides a qualified homebuyer a monthly benefit of up to $1,500 for 6 months in the event of job loss.  This plan also includes a $10,000 lump sum payment for accidental death. If a seller decides to purchase this program, they can include this insurance as an additional feature on their home listing. 

This program offers peace of mind that can also provide competitive advantage over other listings in your marketplace.

The Outer Banks housing market is beginning to show signs of positive growth.  In April there were a total of 150 properties that went into an “Under Contract” status, according to the Outer Banks Association of Realtors.  This compares favorably to one year earlier, April 2008, when we saw 159 properties go “Under Contract”.  While we are still tracking behind last year’s numbers, this is the closest we’ve been, month over month, in a long time. 

In fact, the Outer Banks has shown five continuous months of increases in homes going under contract.  Which makes this is the first time since early 2005 that we’ve seen five months of continuous increases in sales agreements. 

With this trend we expect to see continued improvements in the numbers of buyers coming off of the sidelines and purchasing homes.  This will result in a continued shrinking of inventory and the eventual increase in values. 

To learn more, contact sales@seasiderealty.com.

 Are you interested in buying a home in the Outer Banks, but are unsure of how to proceed?  If you are looking for a no pressure way to learn about buying a home in the Outer Banks, visit our weekly Homebuyers Seminar.  The seminar is being held weekly throughout the summer.  

     Come spend an hour, and learn about investment opportunities in the Outer Banks.  Two seminars will be offered weekly.  The Wednesday seminar will be held in the Kitty Hawk office of Seaside Vacations.  The Corolla seminar is being held on Thursday’s in the Corolla offices of Seaside Vacations.  Come on in, and learn about the benefits of buying a vacation or investment home in the Outer Banks.  

 Some Topics the Homebuyers Seminar will cover:

Today’s Outer Banks real estate market

Difference between short sale, foreclosure and bank owned

Steps in buying a vacation or investment home

Insuring your Outer Banks home

Managing your Outer Banks investment

Costs associated with owning a beach home.

**Just Added**: Buying a bank owned home or short sale  

Weekly Outer Banks Homebuyers Seminar

When: Every Wednesday in the Kitty Hawk offices of Seaside Vacations

           Seaside Kitty Hawk Office is located at 4820 N. Croatan Highway, Kitty Hawk NC 27949 

           Every Thursday in the Corolla office of Seaside Vacations

           Seaside Vacations Corolla office is located at 1070 D Ocean Trail, Corolla NC 27929

Time: 10 am.  

Who: Seminar is open to anyone who is interested in buying in the Outer Banks.

For Additional Information: Kevin O’Brien – 252 489 3706 – Kevin@seasiderealty.com