Existing Home Sales Jump

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This week the existing Homes Sales Report came back with a huge shocker… jumping up in October, and crushing expectations. This is just more positive evidence the our housing market is in recovery. Inventory has not been as low as it is right now in over 7 months, pending home sales have been up since the beginning of 2009.
Hopefully the trend will continue and home sales will rise in the coming months and through the first half of 2010 as well.
What is driving this???

Low Rates

Homebuyers are taking advantage of near all time low Mortgage Interest Rates, however it is tougher to qualify.  Down payment, Credit Scores and Income are the 3 most important factors when applying for a Home Mortgage. But people are obviously still qualifying.

Homebuyer Tax Credit

The extension of the Homebuyer Tax Credit. First time buyers can still get up to $8000. And now, buyers who are trading up or downsizing can receive a tax credit of up to $6500! The extension also increased the income restrictions on the credit to $125,000 (single) and $225,000 (married).  Thank you Government! The extension is through April of 2010.
Well, this is all amazing news for home sellers. For buyers it may be time to get off the sidelines and realize that those “deals” everyone is talking about will not be around for too much longer.

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