Housing Sales Headed in the Right Direction
In a recent article by Lawrence Yun, the Chief economist of the National Association of Realtors, he noted that "Pending home sales in July reached their highest mark in two years, and closed sales also continued on an upward path. As a result, inventories are tightening; in June there were 3.8 million properties for sale nationally, compared with 4.5 million at the same time last year."
Well, here at the Lake of the Ozarks, we are seeing the same pattern. Both July and August sales were substantially ahead of the same time last year, nearly 40% higher! This resulted in lowered inventory numbers. We still have a long way to go, but those buyers smart enough to act now are taking advantage of what appears to be the bottom of the housing market.
Yun also states my biggest concern; "The country is looking at a continuing long-term budget deficit that could translate into higher mortgage rates."
An increase in your mortage rate far exceeds even a 10 or 15% reduction in price.
If you have been sitting on the sidelines, waiting for the bottom of the market, many of the experts say you need to act quickly as the bottom may have already been reached! You never know until you can look back and say, "x/?#%...I wish I had bought that lake home/condo last year!"