Home sales have been above year-ago levels for nine straight months, according to a recent report by the National Association of Realtors®. Much of this ongoing increase in sales can be attributed to the home buyer tax credit and generally favorable market conditions over the past few months. Because of the favorable affordability conditions, even after the home buyer tax credit expires on Friday, a surge in home sales is expected this spring from buyers across the board.
Home values are stabilizing, creating consumer confidence in the housing market. Even when the home tax credit expires, the historically-low interest rates and affordable prices have enticed home buyers in all regions of the country.
To read more about the home sales’ upswing, and the success of the home buyers tax credit, click “more.”
“The home buyer tax credit has been a resounding success as these underlying trends point to a broad stabilization in home prices,” said Lawrence Yun, chief NAR economist.
So if you’ve missed the home buyer tax credit, there is still reason to keep looking to buy the home of your dreams. Take advantage of the favorable market conditions. The time to buy is now, while the market is stabilizing and the buying surge begins this spring.
To read the entire NAR report, click here.