Greater Sacramento Area Real Estate News: Existing Homes For Sale

Are you a first time buyer with a tax credit? Then you will want to know the sales, existing homes recorded this year. In 2009, all first time buyers where driven by their tax credit to buy homes at affordable prices. The sale of existing homes showed a bigger gain in October with a steady increase over the previous months. But the performance of inventories for new constructions continued to minimize.

The sales of existing homes included single homes, condominiums and townhomes. These sales were recorded at 10.1% showing 6.1 million units in October as against 5.54 million units in September. This new score in October 2009 is said to be 23.5 percent above the 4.94 million units recorded in October 2008. Many buyers were seen rushing to get hold of good homes before the first time buyer’s tax credit deadline would terminate. When the tax credit expired by the end of October, robust sales was also seen in November. But the dawn of December saw a decline in the sales.

But now, the tax credit has been extended till April 30th 2010. A large demand for existing homes prevails among the first time buyers. This can be easily tapped before the tax credit period ends. The extension of tax credit limit for first time buyers has created unusual conditions like getting multiple bids on lower price ranges and quickened sale of foreclosed property. This is also a busy time for realtors to negotiate satisfactory deals. First time buyers are feeling the need for good realtors to get them the best home affordable by them. The thirst for existing homes among first time buyers has recorded a steady decline in the sale of housing inventory.
The median price for all home types in October 2009 was $173,100. This was 7.1% less than the median prices of October 2008. It is expected that the prices of existing homes for sale should stabilize by the second half of 2010. If that happens, the home sales will remain at healthy levels, normal to the economy and there will be no more price overcorrection worries among the buyers. This decrease of the home prices are going to create extremely favorable conditions for affording homes. These factors are applicable to all types of homes including single homes, condominium and all other existing homes.

The NAR chief was found saying that home loan interest rates were lowest in the month of October. But the fixed rate loans fell to 4.95 percent in October from 5.06 percent in September.
With tax credit extended to 2010 and affordable homes for sale, there is no reason to wait longer to buy your dream home. This is the right time to invest in property and make the most of the current economic conditions. To help you make wise decision, hiring an experienced realtor will get the best negotiable deals in your hand. Visit www.greatwestgmac.com to get in touch with some of the best real estate professionals in the Sacramento region.

For additional resources and information please visit the following sites.

Resource Links:

http://www.gmacrealestate.com

Bill Fields All Star Coaching Program: http://www.AllStarCoaching.net
GreatWest GMAC Search all MLS Listings: http://www.LocalHomeLink.com
GreatWest GMAC Consumer Buyer/Seller Blog: http://www.GreatWestBlog.com

T. Sami Siddiqui (Broker/ Owner) Buzz About Sacramento Blog: http://www.samisiddiquiblog.com
Brodie Stephens (Executive Vice President) One Stop Blog: http://www.brodiestephensblog.com
GreatWest Podcasts- Weekly Updates on new REO, Short Sale, Bank Owned Foreclosure Listings: http://www.HouseTalkOnline.com
GreatWest Videos: http://www.youtube.com/brodiestephens
Facebook Brodie Stephens Profile Page: http://www.facebook.com/brodiestephens
Facebook GreatWest Profile Page: http://www.facebook.com/searchmlshomesforsale
MySpace Brodie Stephens Blog: http://www.myspace.com/brodiestephens
MySpace GreatWest Blog: http://www.myspace.com/greatwest
Picasa Web Album: http://picasaweb.google.com/brodiestephens