First-time home buyers are still taking advantage of the unbelievable real estate market conditions, pushing sales up 3.2 percent to 84.6 on the Pending Home Sales Index in March 2009, according to the National Association of Realtors®.
It’s 2.6 points higher on the index than in Feb. 2009 (82) and 1.1 percent more than March 2008 (83.7).
Lawrence Yun, NAR chief economist, had this to say about the latest progress:
“This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a down payment. We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around.”
Remember that the $8,000 tax credit for first time home buyers is only available until Dec. 1, 2009. With the market showing signs of life there is no telling how long the record-low home prices and interest rates will remain at their current levels.
Now is the time to get cracking on your home search so give me a call before it's too late!