Saturday, December 31, 2011

2012 Arriving Like a Lion!

Consumer Confidence and Mortgage Rates are on the way up!
I am excited for 2012!  I read in the Ogden Standard Examiner yesterday that in a recent GfK Poll (1000 adults with a margin of error of plus or minus of 4%) that 68% of Americans believe 2012 will be a better year than 2011!

In the past, when I begin to hear news of lower unemployment numbers and lower initial unemployment claims (9 weeks in a row!) and THEN I hear a report of strong consumer expectations, we are on the road to see increased real estate activity, SOON!  

If low rates and low home prices are what you would like to take advantage of, DO IT NOW!  With stronger economic reports, increasing real estate activity, and the European financial crisis out of the headlines, we WILL see HIGHER interest rates and HIGHER home prices in 2012!

Friday, December 30, 2011

Pending Home Sales Are Surging!

Pending home sale contracts (PHSC) are NOT closed transactions, BUT it is a good leading indicator of the positive momentum we are experiencing in the real estate market.

Buyer's are Buying!
In the West, PHSC's surged to 14.9% higher than a year ago at this same time (November numbers) and led the nation.  The fact that contract failure has been unusually high, may result in 1/2 or less of these contracts actually closing, but the higher numbers across the nation has been encouraging.  I have previously blogged about the need for a full application, credit report and automated underwriting approval to accompany every submitted offer to stop this increasing problem of contract failure. 

The last time PHSC numbers reached this level was in April, 2010 when first time home buyer's were rushing to meet the expiration of the tax credit available to them if they closed before April 30, 2010.  What a mad dash it was!

With home affordability at an all time high (lower home prices, higher income levels, and historically low interest rates), coupled with with pent up demand, it is no wonder the November, 2010 PHSC number was the best in 19 months!

Tuesday, December 27, 2011

Marty is always watching out for me! Closing 12/23/11

Marty, thanks for always watching out for me!  Just 8 months ago we closed on our purchase and as soon as the rates went down enough to make it worth our while, you called us!

Thank you!  Even though the process is complicated you always make it simple to understand.

Stacy Marble
Closing December 23, 2011