Sellers, is it getting better out there?
Homes are taking longer to sell. We all know this. But the National Association of Realtors on Oct. 10 released a report saying that it’s actually getting better in the home-selling business.
In news that all real estate pros and home sellers have been waiting for, officials with the association said that improving conditions in the mortgage-lending industry should provide a boost to residential home sales.
Lawrence Yun, senior economist with the association — the largest serving real estate agents and brokers – in a press release said that the combination of conforming mortgage loans at favorable mortgage rates, steadily improving pricing on jumbo mortgages — reserved for the biggest of all home purchases – and the security of FHA loans that are replacing risky subprime mortgages will help rejuvenate the home-selling business.
You can read all about here.
In the same release, Yun also brought up an important point regarding the current housing market: In an historic sense, it’s not a bad one.
Association figures show that 2007 will rank as the fifth-highest year on record for existing home sales. It just feels weak compared to the stellar residential real estate markets sellers enjoyed in years such as 2004 and 2005.
The association predicts that existing home sales will total 5.78 million in 2007, and then rise to 6.12 million next year. That’s not bad, though it’s not as good as in 2006, when existing-home sales hit the 6.48-million mark. The association predicts that new-home sales will reach 804,000 this year and 752,000 in 2008, down from 1.05 million in 2006.
Of course, the National Association of Realtors has a vested interest in promoting the fact that the residential market is on the upswing. The people who really know whether this is true are those who are selling their homes.
So how about it, sellers? Is it getting better out there?
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