Pending Home Sales Exceed Already High Expectations
Nationwide Pending Home Sales Chart
Pending Home Sales Burst Out with 8.2% Gain
The National Association of Realtors (NAR) said Monday its seasonally adjusted index of sales contracts rose 8.2 percent from January.
The Pending Home Sales Index is an important measurement. A pending home is a home that is under contract to sell - but has not yet closed.
According to the NAR, 80% of homes under contract will close within 60 days. So, a higher Pending Sales figure in February projects that April’s Home Sales will be higher as well.
If you’re a Ridgewood home buyer today, no doubt you’ve noticed the extra market activity.
On homes that are priced well, multiple offer situations are becoming more common and sales prices are getting closer to the listing price. Also, days on market is falling. These are the signals of a buyer-heavy market. This usually drives property supplies down and prices up.
It’s not a bad time to be selling a Ridgewood Home.
In November 2009, when the home buyer credit faced its first expiration, we saw a pattern of buyers rushing to beat the deadline. There’s no reason to expect that won’t happen again. And as it does, Ridgewood Pending Home Sales should continue to climb. Average home sale prices should also rise.
About Al Donohue
Al Donohue heads up Marron Gildea & Donohue’s Ridgewood office and is one of the top agents in Bergen County.
Al attributes much of his success to lessons learned during his years as a top sales executive on Wall Street. Most of Al’s clients are busy professionals and business owners and they love the fact that he speaks their language and understands the incredible demands on their time. Al stays in constant touch with his clients not only through phone calls and face-to-face meetings but also through email, instant messaging, and web pages created specifically for his clients. Clients can view the status of the sale of their home, read feedback from agents that have shown their home and review the status of their personal marketing plan 24-hours-a-day via their personal web page.
Al understands that technology is just a tool and says it is really his focus on providing world class customer service that has enabled him to achieve great results for his clients. He says the key to his success has been his ability to listen more than he speaks and always put the needs of his clients first.
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Excellent post, It’s nice to see a positive article on the market!
does this chart go back further so we can compare against a period prior to the depression and worst home sales period in US history? thanks buddy, keep up the one-sided argument….it may just close a sale!
LaLaLand – Things can change at any time but I imagine even you are starting to feel that things are looking up in real estate.