Home Sales Jump 7.4% In November

Existing home sales rose again in November 2009 as first-time buyers rushed to close sales before the original November 30 deadline for the recently extended and expanded tax credit, according to the National Association of Realtors®.  This 7.4% increase resulted in a seasonally adjusted annual total of over 6.5 million homes through November. This is just over a 44% increase compared to November 2008 adjusted annual total of 4.5 million home sales. Freddie Mac is reporting that 30 year fixed interest rates dropped to 4.88%, compared to 6.08% in November of 2008.  This rate is the second lowest mortgage interest rate on record!! The lowest 4.81% back in April of this year. We have been advising and showing our buyer and selling clients all year-long how to take advantage of these HISTORIC conditions. The Stewart Team predicts that these conditions should remain in place through the Spring of 2010…we think interest rates will start to tick up by June 2010.  Give us a call or email in January so we can help you take advantage of the expanded tax credit. A purchase contract must be signed and in place by April 30th 2010 to receive the up to $8000 credit for first timers and the $6500 credit for non-first time buyers! Sellers should be ready to get their homes back on the market immediately after the holidays, with buyers only having 12 weeks to make their purchase!!