Joe is letting us know that the time is here as we are seeing prices increase ever so slightly, but they are increasing none the less. This means it is time jump off that fence, just pick a side!
You have been warned. House prices are on the rise. The National Association of Realtors has a forward-looking indicator that measures the number of homes newly under contract (Pending Home Sales Index). If you take the current number of houses under contract that is a great predictor of the number of sales two months from now. Good indicator reading this month equals good sales in two months. For information on financing your next house please click here.
Real Estate professionals like this report because it is a predictor of future business. Other reports tend to report what has happened not what is going to happen. The general theory is that 80% of homes under contract close in the following 60 day period.
The last number for the index is 99.2 because it is almost 100. The index started in 2001 and use that year's results as the base line for the index. If the current index is less than 100 the market is slower than 2001. If the reading is greater than 100 the market is faster than 2001. I am not sure if 2001 is a good year for wine, but it was a good year for house sales.
Low interest rates and a high index value...You have been warned.
What is the smart money doing?
See the picture of the house? It is for sale here in Seattle, click here.
Joe LaVallie
The Integrity Team
Mortgage Banker
HomeStreet Bank
22001 66th Ave W
Mountlake Terrace WA 98043
NMLS ID#111363
joe.lavallie@homestreet.com
425-678-7604 Direct
1-800-761-7788 ext 7604
206-743-4722 Cell
Fax 206-512-1911
To Apply Online http://www.homestreet.com/jlavallie
Mark Loewenberg PA
561-214-0370
Broker Associate
Keller Williams REALTOR®
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