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The National Assoication of REALTORS® released the Pending Home Sales Index (“PHSI”) for the month of November. As you can see from the graphic on the left, the index fell dramatically after a surge in home sales earlier in the fall. However, as is noted by the NAR, the figure of 96.0 was 15.5% higher than the year earlier, November 2008, figure of 83.1 This data clearly shows the effects of the buyer tax credits, which were originally set to expire in November 2008. The tax credits have been extended (contract in place by April 30th and closing by June 30th), so we should see another run-up in selling activity this spring. If you’re a seller, or considering selling, now would be a good time to list your home with a REALTOR® so you can leverage the tax-incented buying activity this spring. You can find more information about November’s PHSI at these links: |
Pending Homes Sales for November 2009
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- Mortgage Rate Averages
What is a Home Warranty?
A home warranty is a service contract, normally for one year, which helps protect home owners against the cost of unexpected covered repairs or replacement on their major systems and appliances that break down due to normal wear and tear. Coverage is for systems and appliances in good working order at the start of the contract.
What is a Short Sale?
If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. A short sale is different from a foreclosure, which is when the seller's lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure.
