the market has become more competitive on a seasonal basis
Chicago, IL (PRWEB) October 23, 2014
Lenders like Peoples Home Equity are happy to see that home sales for last week nearly surpassed those of 2013.
In the latest “National Home Sales Snapshot” from DQnews.com, weekly home sales were reported as falling -0.6% and median home sale prices fell -0.7%. At first glance this may seem like the usual fall/winter slowdown in housing. However, if one compares 2014’s weekly home sales and median home prices to those of 2013, they will notice seasonal strength in the market. As of October 9th, weekly home sales were just -1.9% from a year ago. As of October 16th, sales were just -1% below a year ago. As of October 23rd, weekly home sales are just -0.8% below a year ago. A trend is forming in which weekly home sales are stronger now than in 2013. The same is being seen for median home prices. On October 9th prices were just 2.2% above a year ago, on October 16th they grew to 3.6%, as of October 23rd they are now 3.9% higher. Peoples Home Equity highlighted this growing trend last week in a release from October 17th titled “Weekly Home Sales Decline But Show Strength”.
This data is great news for the housing industry, but it does mean the market has become more competitive on a seasonal basis. Prospective buyers must be prepared for more individuals out shopping for a home this winter. Being approved home a mortgage is a must. While the number of cash buyers has fallen, the amount still remains higher and buyers with financing need to have the ability to outbid a cash buyer if they are not the first to offer. In addition, mortgage rates have fallen to a 16 month low, thus, Peoples Home Equity strongly encourages individuals to apply for a home loan now!
Contact a Peoples Home Equity loan officer today at: 262-563-4026