I’ve heard it over and over again for the past couple of years from friends, family, business colleagues, and even my local bartenders and baristas. The refrain is eerily similar each time, and it sounds something like this: “What are you waiting for? Now is the time to buy that house.” I let these comments roll off my back for a long time, as I knew the metrics of large supply overhang, increasing foreclosures, slow GDP growth and anemic employment figures were liable to keep home prices down for some time.
But now, however, I’m thinking those bartenders and baristas just might be right – especially after Wednesday’s news that new home sales have hit an eight-month high.
If we look at the recent news in housing segment, we see some very interesting trends developing. According to a report from the National Association of Realtors, or NAR, sales of existing U.S. homes jumped 12.3% in December. However, the upbeat month for home sales comes after the worst one-year performance in the metric since 1997. Based on the NAR’s preliminary data, which will be finalized next month, annual sales of existing U.S. homes were 4.91 million in 2010. That figure represents a drop of 4.8% over sales in 2009.
Awesome article if you are renting and leaning towards buying. Check out the great Trulia Rent vs buy index as well…..It’s a link in the body of the article. As always, if you’re looking to buy a home and need strong representation, visit www.IrvineRealEstateLink.com and contact us with any additional questions.
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