Existing Home Sales Surge in July
Image via Wikipedia
The housing data that many have been looking forward today arrive, bringing optimism about the housing market. Indeed, today’s existing home sales data showed a rather significant surge. Apparently, already lived in homes are in high demand. CNN Money reports on the housing market:
“The housing market has decisively turned for the better,” said Lawrence Yun, NAR’s chief economist. “A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales.”
There are a great many factors combining to create a market that is improving. Indeed, the housing market is benefiting from the fact that foreclosures and slowed demand in general have created a situation where existing homes are much less expensive than they have been in the past. Sellers are motivated, and offering good deals. On top of that, mortgage interest rates have been near record lows. Even on weeks when the mortgage rate heads higher, it is still lower than it has been in years.
And, of course, there is the government tax credit for first-time homebuyers. This $8,000 tax credit is even available for immediate use. The fact that the government made the decision to allow the tax credit to be considered as part of a down payment doubtless played a role in July’s existing home sales data. After all, it helps to have a larger down payment, and the savings from interest charges and lower prices combine to make home ownership very attractive.
Many first-time homebuyers realize that now is the buying opportunity of a lifetime. However, it is also important to be careful. Even though the opportunities are great, it is vital to take it carefully. Make sure you truly can afford your home before you buy. Consider home ownership, and your reasons for buying. If you can afford a home, and you are at a point in your life where it makes sense, you are likely to get your best deal now.
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=5e4c3467-45cd-4cfa-81ab-7ca0604f9585)
[...] existing home sales data came in positive. One of the largest increases in sales marked July, underlining the fact that this [...]
[...] Existing Home Sales Surge in July Image via Wikipedia The housing data that many have been looking forward today arrive, bringing optimism about the housing market. Indeed, today’s existing home sales data showed a rather significant surge. Apparently, already lived in homes are in high demand. CNN Money reports on the housing market: “The housing market has decisively turned for the better,” said [...] [...]
[...] and this is just carrying out the plan. It is interesting that the move comes at this time, when home sales are finally on the rise, and home prices have finally begun improving. But the move is still expected to save a great deal [...]
[...] are thinking about buying a home, now is probably the time to do it. Recent numbers show that both existing home sales and new home sales have increased in recent months, and that means that the housing market may [...]