Pending home sales rebounded strongly in January, according to the National Association of Realtors®. All four major regions saw growth last month, including the largest surge in the South.
The Pending Home Sales Index increased 4.6% to 103.2 in January, up from 98.7 in December. Year-over-year contract signings, however, declined 2.3%, making this the thirteenth straight month of annual decreases.
Lawrence Yun, NAR chief economist, had expected an increase in January home sales. “A change in Federal Reserve policy and the reopening of the government were very beneficial to the market,” he said.
Of the four major regions, three areas experienced a decline compared to one year ago, while the Northeast enjoyed a slight growth spurt.
Yun also said higher rates discouraged many would-be buyers in 2018. “Homebuyers are now returning and taking advantage of lower interest rates, while a boost in inventory is also providing more choices for consumers.”
"We definitely had a strong vision of what we wanted when we were house hunting. Once we found our house, it had nearly everything on my wishlist, but needed a LOT of cosmetic work. To most people, would be an immediate "pass", but we instantly saw beyond the smoke smell, stains and the cobwebs. We saw our dream home! Complete with built-ins, beams, a planter, and pocket doors, it had never been updated, but maintained its original charm and design. We were excited about the challenge to bring it back to life! We did not want to completely renovate it - we just wanted to refresh it - and modernize the 60s elements. We gained a ton of counter space by redoing the layout in the kitchen and recessing the fridge a few inches into a closet. We were able to keep most of the paneling, and it cleaned up beautifully. And my grandma's beautifully kept vintage green couch is right at home in our sitting room! Aside from the kitchen, the majority of our project included flooring, paint, and light fixtures. I still can't believe we got nearly everything on our wishlist in our first home - we just had to put in a little work!"
Joe and Jamie Miller- Omaha
30 Yr Fixed - 4.375% w .375 points = 4.444% APR
15 Yr Fixed - 4.00% w .250 points = 4.100% APR
FHA/VA - 4.125% w .875 points = 5.926% APR
30 Jumbo - 4.625% w .625 points= 4.691% APR
As of 3/08/19. *Courtesy of Kristi Lyons/First National Bank- Omaha
Homeowners more and more are looking to add personality and individuality to their home. Here is a story of my clients, Joe and Jamie, first-time home buyers who re-invented their dream home.