The National Association of Realtors (NAR) just announced that the February Pending Home Sales Indexreached its highest reading since July 2015.
What is thePending Home Sales Index (PHSI)?
NAR’s PHSI is“a forward-looking indicator based on contract signings”.The higher thePending Home Sales Indexnumber, the more contracts have been signed by buyers that will soon translate to sales. February’s Index rose 3.5% month-over-month to 109.1.
What does this mean for the market?
Lawrence Yun,NAR’s Chief Economistexplained:
"After some volatility this winter, the latest data is encouraging in that a decent number of buyers signed contracts last month, lured by mortgage rates dipping to their lowest levels in nearly a year and a modest, seasonal uptick in inventory."
"Looking ahead, the key for sustained momentum and more sales than last spring is a continuous stream of new listings quickly replacing what's being scooped up by a growing pool of buyers. Without adequate supply, sales will likely plateau."
So What Does This Mean For Buyers?
There is a lot of competition out there right now for your dream home. Prices are going to continue to climb, act now before you are priced out of your future home.
What Does This Mean For Sellers?
If you are on the fence about listing your home for sale and debating whether now is the time to move on with your plans of relocating… don't wait!
There are more buyers that are ready, willing and able to buy their first, second, third, vacation, or investment property now than there has been in years! The supply of homes for sale is not keeping up with the demand of these buyers.
Listing your home for salenowwill give you the most exposure to buyers and the best sales price.
Whether you are planning on buying or selling a house this year, waiting to act no longer makes sense.
Author:Jeffrey Lubell Phone: 703-999-8707 Dated: March 29th 2016 Views: 388 About Jeffrey: Jeff Lubell - Cell Phone 703-999-8707
Jeff is Licensed in Virginia
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NorthernVAHomesForSale.net We are a new and growing team of professionals with one goal in mind - to be the #1 trusted advisor(s), confidant(s) when it comes to buying, selling, building or investing in Northern VA for our clients and community. Our unique backgrounds, dedication, experience and commitment pours into everything we do. We believe in integrity and wrap our values and approach around betterment of our clients and community - every day.
Even though we are a group of agents working individually, we focus on a team support approach where each agents specialty, expertise, passion is focused on areas they want to serve. We each focus on areas we know well - whether those are areas we have lived in, focused on or have extensive experience in. Each agent utilizes the same Marketing Services offered by a Dedicated - Full Time certified marketing Professionals focused on ensuring our Marketing is leading edge and our listings get Maximum Exposure. We have a full time, dedicated marketing team so each agent can spend more quality time with dedicated clients and not have to manage all aspects of the business. Our transaction coordinator combs through documents and contracts to ensure all paperwork is properly completed and ready for smooth transaction.
You can review our agents profiles and pick the one that resonates best with you. You will see each agent offers unique background, experience and expertise.
As you will see in our website(s), videos and marketing - we strive to offer the leading edge systems that bring results and offer advantage to our clients. We know some clients out there don't know what they don't know and what they might be missing. Our philosophy is to educate, inform, empower and protect our clients’ interests. Utilization of latest technologies make it convenient and powerful to make informed decisions - after all, we believe this process is more than just a sale, more than just a transaction - it is a new beginning, a new relationship. We welcome you to become part of the communities we live and proudly serve in and are truly grateful in being a part of a live transforming event.
As you browse through our websites and marketing materials, you will experience the type of technology, approach, marketing we utilize. We also do more behind the scenes. If you would like to find out more about our agents, marketing team, our approach, our multi-channel marketing and how it can help you with your home purchase, sale or investment, give us a call today or.. Chat live with one our team members on our websites.
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"“Jeff helped us sell our home in Northern Virginia in spring of 2008, a time when the market was deteriorating each month. What was most impressive about the transactions was Jeff's relentless determination to get us the best price when he could have easily steered us to an offer that would have ultimately cost us about $25,000. I truly appreciate Jeff's work ethic as a realtor and would recommend him to anyone looking to buy or sell a property”
Kevin Mims - Sr. Director, Mid-Atlantic State and Local Government at