Tri Valley Pending Home Sales on the Rebound; First Time Home Buyers Opportunity for Tri Valley Home Buyers

Tri Valley Pending Home Sales on the Rebound; First Time Home Buyers Opportunity for Tri Valley Home Buyers

Pending Home Sales (Aug 2009 - Feb 2011)

On a seasonally-adjusted basis, the Pending Home Sales Index rose 2 percent last month, according to the National Association of REALTORS®. A “pending home sale” is defined as a home under contract to sell, but not yet closed.

February’s Pending Home Sales Index rebound breaks a 2-month losing streak, and reverses the recent downward momentum in housing. Both Existing Home Sales and New Home Sales volume showed a sizable loss last month.

For buyers and sellers of real estate in the Tri Valley , the Pending Home Sales Index is of particular import. It’s one of the few forward-looking indicators in housing, and February’s data suggests a stronger spring season than was the winter.

Strong Sales in the West

Region-by-region, Pending Home Sales data varied:

  • Northeast Region: -10.9%
  • Midwest Region : +4.0%
  • South Region : +2.7%
  • West Region : +7.0%

3 of 4 regions showed marked improvement, which is good for housing. In the fourth — New England — it’s likely that inclement weather hampered results.

February was colder-than-normal and the month capped a record-breaking snowfall season for the region. Anecdotally, fewer homes are sold in the cold-and-snow of winter and it’s likely that the weather affected local housing markets.

Looking Forward in the Tri Valley

Looking to March and April, therefore, we should expect Existing Home Sales data to rebound. This is because 80% of “pending” homes close within 60 days, and because improving weather should release pent-up demand for housing.

More sales plus higher home demand tends to lead home prices higher. If you’re in the market for a new home, consider that your best negotiation leverage comes in a weak market. As the seasons turn, your leverage looks poised to slip. The best time for First Time Home Buyers to buy this year in the Tri Valley may be right now.

If you are a First Time Home Buyer in the Tri Valley you couldn’t have picked a better time. The numbers suggest the market is improving and an anticipated double dip not as likely.First time homes buyers I work with in Dublin, Pleasanton and Livermore can be paralyzed by the data and trying to “time” the housing market.  Savvy buyers know that low interest rates and low housing prices create “Opportunity”!  As a Loan Consultant at Vintage Mortgage Group I continually monitor the financial and Real estate Market to offer you the best service. Message me below to discuss your options and dot forget to subscribe to my weekly updates.

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