Pam's Prescott Blog

Conventional wisdom tells us that the best time to list your home for sale is in the Spring.  But this year is different.

Here are the reasons you should list your home for sale RIGHT NOW if you want to sell this Spring:

1. Sales are UP.  According to data from the National Association of Realtors,

October Pending Home Sales UP 3.7%. This was the ninth month in a row Pending Home Sales rose and the index is now 31.8% over October last year. Since this tracks the level of contracts on existing homes, Existing Homes Sales should continue their impressive rise for the next couple of months. 

The National Association of Realtors also predicted sales of previously owned homes would go UP 4.8% this year, reversing the downward sales trend of the previous two years. For 2010, the NAR projects existing home sales UP 10.8%, with a 3.6% hike in the median price. For new homes, the median price is expected to rise 3.9%.

We are seeing a huge jump in pending sales in Prescott, with 315 single family homes currently on pending sale status.  This could amount to a 50% increase over December sales over last year.

2. Interest Rates are Awesome.  Freddie Mac reported mortgage rates down for the fifth straight week, now at record lows! The 30-year fixed-rate mortgage averaged 4.71%, with an average 0.7 point, for prime borrowers with 20% down payments. That's a new low for the survey which has been tracking rates since 1971.

3. The New Home Buyer Tax Credits are Extended and Expanded

New home buyers can continue to receive up to $8000 in tax credits when they purchase before April, 2010. 

Existing home owners can now earn up to $6500 in tax credits when they downsize or upsize their homes.  They do not have to sell immediately to get this credit!  This means that retirees who may have waited in the past are going to be buying their future homes NOW.

Smart sellers will be listing on January 1 - NOT in March or April.