Real Estate Market Scenario
As far as US realtor market is concerned the present home sales from the first time buyers has recorded an increase considering the buyer tax credit benefit available to them coupled with the lower most interest rates, which have never been so low in the past.
The home sales comprising of single family, town home, condominiums and cooperative properties showed an upward trend by about 10 %. The gain in the pricing is surprising. The most moving factor is that the first time buyers want their purchase completed before the Tax credit offer closes by the end of this month.
With the present incentive induced sale of home properties, the next few months shall not record the present rise in the sales. On the contrary there shall be fall in the sales and shall witness brisk sale again in coming spring or little before.
Considering the regional response there was about 11.00 % increase in the north east region. The average price for a home property here was about $2, 3500; it is about 2.5 percent below than the previous years recorded average sale price of such properties.
If one considers the Midwest region there has been an increase in the home sales by around 14.5 % and average price is this region was around $1, 46,000 thus recording an average increase in the price by 1.1 % over the October 2008 recorded sales. This is the only region where there has been increase in the sale price.
Similarly considering the situation in South region the present home sales recorded a rise of around 12.7 % with an annual level of 2.30 million by October. The current increase is of 25.7 % more than October, 2008. The average price of south region was $151,100, which is 6.3 % less than the figure of last year.
The present home sales in the western region increased fractionally by 1.6 %, but considering the overall sale of the number of properties sale involved the increase is 12.00 % over the last year record. At this time also the properties prices are low in this region.
Related posts: