The month of September shows a 9.1% decrease in the number of closed sales over the prior month. This is the lowest number since February of 2010. For the 4th month in a row, the number of closed sales are lower than the same months one year ago. With the recent changes announced by banks who are stopping the foreclosure of homes, this will be an important trend to watch.
For buyers, this means you may have less competition for the homes that are currently on the market. When you combine this with the great loans available, this could be the very best time for you to begin or finalize your search for a home. Should we see inventory drop because of the recent decisions on foreclosures, that could mean more competition for homes that are on the market … and more competition could potentially mean higher prices for you. Continue to watch these numbers, as it will help you and your real estate professional understand what type of incentives and assistance you may or may not be able to request.
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