Pending home sales for December 2010
A recent report from the national Association of realtors verifies what seems to be happening here Lake of the Ozarks.
Prices are stabilizing and there's a definite increase in buyer interest.
Foreclosures and homes priced below current market value are selling very quickly.
Sellers are still motivated, but having already lowered their price to the current market value, the average list to sale price is holding over 92%.
January 29, 2011”
Pending home sales improved further in December 2010, marking the fifth gain in the past six months, according to the National Association of REALTORS®.
Lawrence Yun, NAR chief economist, credits good affordability conditions and economic improvement. “Modest gains in the labor market and the improving economy are creating a more favorable backdrop for buyers, allowing them to take advantage of excellent housing affordability conditions. Mortgage rates should rise only modestly in the months ahead, so we’ll continue to see a favorable environment for buyers with good credit,” he said.
“In the past two years, home buyers have been very successful, with super-low loan default rates, partly because of stable home prices during that time. That trend is likely to continue in 2011 as long as there is sufficient demand to absorb inventory,” Yun said. “The latest pending sales gain suggests activity is very close to a sustainable, healthy volume of a mid-five million total annual home sales. However, sales above six million, as occurred during the bubble years, is highly unlikely this year.”