For the 4th month in a row, May pending home sales were up. This continued rally is attributed to the combination of the first time home buyer's tax credit and the availability of affordable homes. The Midwest in particular experienced an increase of 11.4% over May 2008. This news is compliments of a Press Release by the National Association of REALTORS published July 1, 2009.
While this is a step in the right direction; there is concern over the number of pending homes that will result in a closing. The new appraisal rules could complicate or prohibit some of these sales from going to closing. As a home seller, it is recommended for you to obtain a current appraisal at the time of listing your home. While this appraisal is for your information only, it will give you a concrete answer to how your home will be evaluated by a professional, unbiased appraiser. As the issue of Short Sales and Foreclosed properties being used for comparison purposes continues to be a problem for traditional sellers, be sure the appraiser used is familiar with your area and uses the best comps available. Choosing an educated and resourceful lender may assist in facilitating a successful sale as well.
Overall, the number of homes for sale continues to be less than in the recent past with the market as a whole continuing to follow buyer's market trends. These along with low interest rates makes now a great time to buy or sell a home.
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