WASHINGTON (April 26, 2012) – Pending home sales increased in March and are well above a year ago, another signal the housing market is recovering, according to the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 4.1 percent to 101.4 in March from an upwardly revised 97.4 in February and is 12.8 percent above March 2011 when it was 89.9. The data reflects contracts but not closings.
The index is now at the highest level since April 2010 when it reached 111.3. While the reference to April 2010 might seem odd–the housing crisis began its slide in 2006–April of 2010 marked the end of the First Time Home Buyer’s credit that was enacted by Congress to help stimulate the housing industry. There was no doubt that it did provide a stimulus for the first portion of 2010; however, this stimulus appears to have only taken what would have been 2nd half of 2010 buyers and incentivised them make their purchase earlier in the year. The back half of 2010 was, as a result, much weaker than anyone would have hoped as the pool of buyers was decidingly short on activity and inventory then resumed its rise to levels that created a Buyer’s Market as we call it.
With the activity we are seeing for the past few months of 2012, the pendulum appears to have swung back to being a seller’s market.
Buyers now need to be prepared for tougher negotiations and the likely possibility of mutiple-bid scenarios on those homes that offer updated kitchens and such and that are fairly priced in the current market. In fact, in the last 2 months, 3 of my 6 deals were multi-bid transactions.
Selling a Maplewood/South Orange area home involves many steps and having an experienced Maplewood New Jersey Real Estate Agent and Realtor®, specializing in the Bedroom Communities of New York City in Essex/Union County—Montclair, West Orange, South Orange, Livingston, Maplewood, Springfield, Summit, Madison, Chatham, Scotch Plains, Fanwood, Cranford and Westfield–by your side will make the transaction run a lot smoother. I would love to be your Maplewood/South Orange New Jersey Area Real Estate Professional! I assist both buyers and sellers in the Bedroom Communities of New York City that offer commutes of 45minute or less to NY Penn Station, with either the purchase and or sale of residential real estate.
As an Accredited Buyer’s Agent (pending), I have received special training to guide and educate you through the entire home buying process. From start to finish, I listen to your needs and desires in what you would like and take the information you give me to find you home.
As your Maplewood/South Orange//Essex/Union County New Jersey listing agent I am well versed on as your local expert in all things in the Maplewood and South Orange area Real Estate Market. You can expect personalized service that includes a detailed consultation on how to best position your home to be competitive in today’s market with training to provide my clients with an in-depth Advanced Comparative Market analysis, and advice on staging. As my office’s technology officer as well as both a Zillow Platinum Premier and Trulia Premier agent, I use the latest and most up-to-date marketing methods to get your home in front of as many buyers as possible. Being your New Jersey Real Estate Agent and Realtor ® not only involves just finding the home or selling the home, but being your guide, negotiator, advisor and advocate and making sure that your needs and goals are met. Being your New Jersey Essex/Union County area Realtor® is one of my truest passions, and “Helping You Find Home” is my number one priority.