The news this week has been filled with increasing evidence that the housing market, and economy in general, may be stabilizing. On a local level, we are seeing a renewed interest in real estate. For example, the average attendance at Weichert Open Houses recently hit its highest level since March 2007.
Both homebuyers and sellers should be encouraged by the following reports and statistics that have made the headlines: - The National Association of Realtors (NAR) reported on Monday that existing-home sales rose 5.1 percent in February, with first-time buyers accounting for half of all home sales last month. This was the largest increase in nearly six years. Regionally, existing-home sales in the Northeast jumped 15.6 percent.
- According to the U.S. Department of Commerce, sales of new, single-family homes increased 4.7 percent in February, compared to January.
- In the weekly report from the Mortgage Bankers Association, mortgage applications were up 32.2 percent for the week ending March 20.
- As a result of several government plans that were recently unveiled, mortgage rates fell to the lowest level on record, and the Dow Jones surged 21 percent in just 13 days.
Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, and a Home Marketing Expert.. You can reach Smitha at: 973-953-7777 Mobile or 973-455-1900 Extension 122 (Office) or online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com.
