June pending numbers for existing homes rose 5.3% from May of this year according to the National Association of Realtors. While this seems to be a surprise to the main street public, Realtors have been expecting higher numbers. Buyers have waited long enough and feel that prices are near if not at the bottom of the market. Most buyers have been waiting just for this moment and it is showing with the increase of pending contracts.
Realtors in Central Florida have seen an increase in activity since the summer buying season started. Most home buyers are looking as Foreclosure and Bank owned properties because they are priced at bargain sale prices. Realtors are noticing that multiple offers are being placed on these foreclosure properties putting a demand on the low end priced homes.
The recent Housing Bill signed by President Bush should also decrease the amount of foreclosures that might enter the market. With few bargains out there, home prices should stabilize and we should see a slow rebound in the housing sector.
Bottom line for buyers is to stop waiting for prices to drop because the bottom is here. No one is going put up a sign that says as of today the market is officially at the bottom. If you are looking to buy a home, now is the best time to purchase. July’s numbers will show us the same increase when they are released. So for all you buyers waiting, it’s time to “Get Off The Fence” and purchase a home.