Sales of existing U.S. homes increased a record 9.4 percent in September as Americans rushed to take advantage of a tax credit for first-time buyers before it expires in November. Purchases rose to a 5.57 million annual rate, higher than forecast and the highest in more than two years, the National Association of Realtors said recently in Washington.
InvestorCompsOnline.com has trained our clients to take advantage of this “surge” by teaching them to accurately valuate property and keeping them up to date on all the latest trends in the real estate industry.
The September increase in combined sales of single-family houses and condominiums was the biggest since comparable records began in’99. This is largely in part due to REO deals. The share of homes sold as foreclosures or otherwise distressed properties was 29 percent in September from 31 percent in August. REOGoldMiner.com has provided access to these deals for many of our InvestorCompsOnline.com members. At REOGoldMiner.com members can find and valuate these in demand distressed deals with the click of a button.
InvestorCompsOnline.com’s research has indicated sales of existing single-family homes rose 9.4 percent, the largest gain since’86, to an annual rate of 4.89 million. Sales of condominiums and cooperatives rose 9.7 percent to a 680,000 rate.
Purchases of previously owned properties, which consist of more than 90 percent of the market, are tabulated when sales close and therefore indicatet contracts signed a month or two prior. Sales of newly built houses, which comprise the rest, are recorded when a contract is signed, and may therefore slow months before the tax credit expires. Buyers must close before the Nov. 30 deadline to be eligible to receive the tax credit.
Many investors are praying for an extension of the tax credit to continue this increase in the market as last month’s sales were largely dependent on the tax credit.
Many Realtors’ groups are petitioning to extend the first-time homebuyers credit on concern desire will wane when it lapses. Many senators have begged their colleagues to extend the credit until next June.
Whether the tax credit is extended or is not, InvestorCompsOnline.com and REOGoldminer.com has the tools needed for our clients to continue to take advantage of this profitable market.
To have access to the lucrative REO deals available in this current real estate market visit REOGoldMiner.com and InvestorCompsOnline.com to get the training necessary to remain successful in this current market. Grab a totally unique version of this article from the Uber Article Directory
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