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House Sales Slow To Lowest Rate Ever
Posted
Tuesday, October 2, 2007
Today the National Association of Realtors (NAR) reported August pending home sales fell to its lowest point ever, since recording started in 2001. The pending home sales index went from 91.4 in July to 85.5 in August. This is 21.5 percent less than the August 2006 index.
The reason there are fewer pending home sales is because there are fewer people who can qualify for loans. The mortgage market is changing daily. It is much harder to get a loan now than it was 2-weeks ago. The requirements the mortgage companies are requiring offer lending for people with great credit and possibly a good size down payment.
Given that the number of pending houses is decreasing, and actually at it lowest point since recording started in 2001, people who need to sell their house are going to be in trouble. To worsen matters there are so many houses on the market that buyer are walking away from deals if they do not get a large discount. This means lower prices for houses and a continuation of a declining real estate market.
Places like Boise Idaho are in similar situations as the nation. In August there were approximately 5,770 houses on the market in Ada County and only 407 were pending over the previous 30-days. There were over 2,200 expired listings with real estate agents from June to August in the Boise Idaho area.
The current real estate market is not getting better. House prices continue to decline while inventory continues to increase. If you are in a situation where you do not have to sell your house I would suggest not selling. If you can wait out the slow real estate market you will be much better off.
However, if you are in a financial for family situation which requires you to sell your house, things are not going to be so easy. As I stated buyer are looking for large discounts and great houses. There are so many houses on the market and more come on each and every day.
If you need to sell your house for what ever reason I would suggest contacting your local home buyer. Every city has a local real estate investor who purchases houses fast from home owners who need to sell. Home buyers help people solve their selling situation, no matter what it may be; going through a divorce, avoiding foreclosure, relocation by their employer, cashing out of an unwanted real estate investment, selling an inherited house, etc. If you need to sell your house fast get a free offer from your local home buyer, you just may be surprised by the offer you get.