Across the country existing home sales rose last month from September of 2007. The National Association of Realtors (NAR) released the new numbers last week, which showed a 7.8% increase from the previous year’s sales nationwide and a 5% increase for the Midwest.
The recent spike in resale activity is directly linked to a rise in affordable homes on the market. The median home price went down in many areas around the U.S., providing buyers with great opportunities to purchase properties right now. There is a large inventory of listings currently available, which creates a competitive environment for sellers and an extensive selection for buyers. If you are in a position to purchase and have been waiting for that perfect moment (especially first-time buyers) this season may provide you with the window of lowered prices you’ve been waiting for.
There are also a lot of foreclosure homes that offer reduced prices. However, it’s important to enlist the guidance of a professional real estate agent when looking to invest in a bank-owned property. This is because potential savings can unexpectedly be eaten up in repairs or other expenses if you are not familiar with the property’s condition beforehand. An agent can provide you with information and advice on foreclosure purchases that will protect your interests.