The Official Compilation Shows Pending Home Sales For April 2010 is Up

April homes in Gatlinburg for sale, and elsewhere across the nation responded nicely to final days of federal stimulus.  Results conformed to expectations, but in today’s interesting market place, it is good that home buying remained strong.  In my blogs, we have previously discussed the Pending Home Sales Index.  My sources at the National Association of Realtors utilize this indicator to gauge home sales in four regional markets and across the United States in general.  The index is oriented to look at home sales that are signed, but not officially closed.  These contracts typically close within 1-2 months.  However, recent market conditions have challenged the usual closing process.  Tighter lending restrictions and qualifications are testing the closing schedules.  In addition, the increased number of “distressed properties” is expanding closing time lines.  Foreclosures and short sales are big components of the current home sales market.  These “distressed” properties are making up about 1/3 of current home sales.  They can be complex deals and are somewhat infamous in predicting their deadline to close. 

Lawrence Yun, NAR’s chief economist, expected these results, and is cautiously optimistic on a housing market without federal tax stimulus.  Yun saw the homebuyer tax credit bring almost 1 million buyers into the housing market. This action has stimulated the “trade-up” portion of home buyers to enter the market as sellers and buyers.  This combined activity of new and veteran home owners is shrinking inventories of homes for sale.  In turn, this shrinking inventory helps firm up home prices.  This process is important in holding home values.  Currently, a sizeable portion of “bargain-priced” foreclosures and short sales are making up today’s realty market.  Yun is hopeful that congress allows some flexibility on the tax credit deadline.  Current challenges in meeting a timely closing are jeopardizing the tax credit for many buyers.  The chief economist feels that new job creation in the U.S. is crucial to the long term health of the country’s housing market, as well as the economy in general.

This review of the present year’s April home sales shows several positive aspects to the country’s real estate market.  Pricing is showing a rebound, despite a strong influence from discount priced properties.  There appears to be a renewed buyer confidence growing in the housing market, even without the tax credit stimulus. Mortgage interest rates are currently at very low levels for qualified buyers.  These factors combined with massive uncertainty in the world’s investment markets could make this an ideal time to purchase a property in the East Tennessee Smokies.  The Jason White Team has a website geared for you to prescreen properties, based on your personal search criteria.  When you refine your search, come to the area to view your choices in person. Our team of professionals are here to assist in finalizing your quest.  Contact us online or by phone 877-678-2121 to get started today.                                                        

 

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