What this means is that we are going to see a change from the long standing buyers market to a sellers market, as buyers compete for diminishing inventory, and builders scramble to catch up to increasing demand.
Here in North Texas, our company had the most closings we had experienced in over three years in May and June...but then came July! I don't know whether it was the oppressive heat we were dealing with, or countless other factors, but everyone seemed to start getting cranky. That's when Realtors put on their counselor hat, and in July we wore that hat a lot. That comes with the territory, however, and that's why this article struck a chord with me: http://www.texasrealestate.com/web/2/21/more/080511.cfm.
There are a thousand little things that can develop during a real estate deal that can potentially "derail" the transaction. Your Realtor has seen it all if they've been around for a while. Put your faith in them, and they'll keep your deal on the tracks.
This AP story: http://yhoo.it/n5S2KM, discusses the possibility of a reduction of the current mortgage deduction. It sounds like they are proposing that the mortgage tax deduction would be reduced from 1 million dollar properties to $500,000, and eliminate the mortgage tax deduction on second homes. This is undoubtedly one of the most cherished deductions for American families. It might be time to contact your congressman.
WASHINGTON (Reuters) – Sales of previously owned homes rose more than expected in March, a trade group said on Wednesday, raising cautious optimism a recovery may be in sight for the housing market.
The National Association of Realtors said sales rose 3.7 percent month over month to an annual rate of 5.10 million units after an upwardly revised 4.92 million unit pace in February.
Economists polled by Reuters had expected sales to rise 2.5 percent to a 5.0 million-unit pace from the previously reported 4.88 million unit rate. Sales have now risen in six of the past eight months.
(Reporting by Lucia Mutikani; Editing by James Dalgleish)