Listing inventory is hovering around typical numbers, while pending sales have increased dramatically. The eight pending sales in West Savage have primarily occurred in The Pointe and Oak Hills neighborhoods.
Buyers are choosier than ever – in this market they can be. They demand perfection for the best possible price.
Many factors are expected to have an impact on the housing market – some positive, some not. For starters, the federal government stopped buying mortgage-backed securities on March 31, and the result has been an increase in interest rates, which are now at 5.25% compared to 4.825% just last month. (This is still very low!) The tax credits are coming to an end, and people are scrambling to get purchase agreements written by April 30th. And HAFA, which we mentioned last month, just upped the amount it was paying homeowners going into foreclosure for relocation costs to $3000, up from $1500.
So where are home prices going? Harvard just put out a comprehensive report on it. We discuss this further at WestSavageBlog.com on an earlier post titled THE CRYSTAL BALL OF HOME PRICES. It's fascinating.
Our West Savage absorption rate is 10.06. That means if zero new homes come on the market, it will take 10.06 months to sell our existing inventory.
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