Numbers Prove It’s a Great Time To Buy

NAR’s(National Association of Realtors) recently released September’s Pending Home Sales index shows a strong real estate rally.

Most likely attributable to the first time buyer tax credit, the number of signed sales contracts (nationally) rose for the eighth straight month.  In fact, the pending sales index reached its highest point since December 2006.

Industry experts expected a modest increase, but the substantial jump came as a welcome surprise to industry enthusiasts.

Much of the increase can be attributed to the first time buyer tax credit that has been responsible for between 200,000 and 400,000 home sales.  September was particularly strong due in large part to eager first time buyers rushing to get in contract before the tax credit expired in November.  Fortunately, as previously reported, the tax credit has been extended (and expanded) through June 2010.

In addition, experts expect the increased sales and pending sales trend to continue, as the market is perfectly suited for many buyers.  Prices have fallen sharply and mortgage interest rates remain at historically low levels, meaning now is an opportune time for savvy buyers to enter the market.