Signs of Life

Home sales appear to be bottoming out with lower prices attracting buyers in many areas of the country, says NAR. Although real estate is a local industry I do think the National Association of Realtors (NAR) may be saying something that has some relevance here in our Sacramento area.

David Lereah, NAR’s chief economist, said the housing market is showing signs of life and that sales may be leveling out. “Many potential home buyers who have been taking a wait-and-see attitude or taking their time and being methodical in the search process are being enticed by lower home prices,” Lereah said. “Given a positive economic backdrop of lower interest rates and job creation, we expect sales activity to pick up early next year.”

I am not going to comment on next year at this point but I am feeling and seeing more buying activity. My listings have had a fair number of showing the past few weeks and I had good traffic at my open house last week so agree the lower prices are getting more buyers out shopping. I will also say they continue to lack any sense of urgency and it seems to take forever from looking to writing an offer.

To read the full article from NAR, follow this link,
Home Prices Correcting, Buyers Returning to the Market, to the NAR web site.