September 5, 2010 MARICOPA COUNTY - The Cromford Reports state that we are still in a buyers market. Sales in units for Augsut fell 200 down to a low 6,500 from 6,700 in July. This could be the typical summer slowdown; needless to say it is a window of opportunity for the buyer who would still like to own a nice sized home at affordable interest rates and prices like never before. Based on valley growth and demographics, these prices are still a "steal"
AUGUST 16, 2010 - We found a nice article that has an online worksheet which will help you make the decision between leasing or buying. We hope this will be of help in your decision to purchase one of the largest assest in your life: http://www.smartmoney.com/personal-finance/real-estate/to-rent-or-to-buy-9687/
WASHINGTON (July 1, 2010) – Following a surge driven by the home buyer tax credit, pending home sales fell with the expiration of the deadline for qualified buyers to sign a purchase contract, according to the National Association of Realtors®. I thihk this is important because it shows that our market is STILL very much a buyers market and will remain so for some time to come.
The Pending Home Sales Index,* a forward-looking indicator, dropped 30.0 percent to 77.6 based on contracts signed in May from a reading of 110.9 in April, and is 15.9 percent below May 2009 when it was 92.3. The falloff comes on the heels of three strong monthly gains as home buyers rushed to take advantage of the tax credit.
The data reflects contracts and not closings, which normally occur with a lag time of one or two months. However, many closings have been delayed recently from a rush of buyers into the system and slow processing of short sales, in addition to the heavy volume and a more thorough loan underwriting process. As many as 180,000 buyers who signed contracts by April 30 may have missed the June 30 closing deadline for the tax credit. However, Congress passed legislation yesterday to extend the deadline for delayed contracts and President Obama is expected to sign.
NAR chief economist Lawrence Yun said, “Consumers are rational and they rushed to meet the tax credit eligibility deadline in April. The sharp decline in contract signings in May is a natural result with similar low levels of sales activity anticipated in June,” he said. “Surprisingly, though, some local markets such as Portland, Maine, and Jacksonville, Fla., actually experienced an increase in contract signings from a year ago without the tax credit.
