After a nice period of pending home sales generally increasing nationwide, the National Association of Realtors predicts that the pending home sales index numbers should remain in the stable range – that wonderful area which everyone has been longing for, hopefully bringing confidence back to the markets.
For instance; The Pending Home Sales Index, in October, slipped 0.7 percent to 88.9 from an upwardly revised reading of 89.5 in September, and is 1.0 percent below October 2007 when it was 89.8. Showing a nice leveling out period.
This leveling out period followed a spike in numbers in August when mortgage conditions were first eased for borrowers. The US Treasury’s reaction to the credit crunch has helped show investors that there is capital there and that is just starting to be freed up. It is expected that Mortgage rates in 2009 will dip slightly to the mid 5’s and then hover around the low 6’s. Stability is definitely expected to be on the cards.
Lawrence Yun, the National Association of Realtors Chief Economist, expects growth in the U.S. gross domestic product (GDP) to contract through the first half of 2009, then stabilize and expand in latter part of the year – lifted by a home sales recovery. The estimates for existing home sales are as follows: Sales are forecast to total 4.96 million this year, and then increase to 5.19 million in 2009 and 5.55 million in 2010.
What is for sure is that with low rates and a great selection of property out there – now really is the best time to invest in a new home, second home or investment property.
If you are looking to purchase a property in New Albany Ohio or the surrounding area in Central Ohio such as Gahanna, Plain Township or New Albany itself, then please contact The Raines Group for professional Real Estate advice in the region. The Raines Group are more than happy to assist you in your real estate needs. Contact them today via their online contact form or by calling Sandy Raines on: 614-418-7417