Pending Suffolk County NY Home Sales Signal Market Growth
Pending Suffolk County NY home sales for January rose, as did all areas of the country. According to the National Association of Realtors' Pending Home Sales Index, pending sales increased 4.5 percent to 105.9 from December figures. The numbers are also 9.5 percent above January 2012. With home prices on the rise, The Federal Savings Bank sees this as a good time where potential first-time homebuyers, especially veterans, should take advantage. The increase suggests sales of previously occupied homes will continue rising in the coming months.
Home prices are rising at such a positive rate that the NAR report revealed the highest index since April 2010 when many potential buyers were taking advantage of a home buyer tax credit. Before April, the last highest reading was in February 2007 when numbers reached 107.9. There is generally a one- to two-month lag between a signed contract and a completed sale.
The Suffolk County NY housing market is gaining momentum and first-time homebuyers are in a golden position to purchase a property right now. This positive trend in housing is not region specific, we're seeing prices are rising everywhere but rates are not going to remain low across all states forever. Buyers should prepare themselves by pre-qualifying for a mortgage so as to be ready when they find their desired property.
Steady hiring and near record low mortgage rates have encouraged more Americans to buy homes.
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