Real Estate Articles
REALTOR®: Opportunities, Incentives for Buyers Attributed to Increasing Sales
Pictured here are SILVAR NAR Directors Judy Ellis and Susan Tilling and President-elect Jeff Bell and President Julia Keady as they discuss issues with legislators during the last week's NAR Mid-Year Meetings in Washington, D.C.
Low mortgage interest rates, improved housing affordability and discounted home prices have all contributed to increased home sales nationwide, according to National Association of REALTORS®.
At NAR's May 11-16 Midyear Legislative Meetings & Trade Expo held in Washington, D.C., NAR Chief Economist Lawrence Yun presented NAR's economic outlook at the Economic Issues and Residential Real Estate Business Trends Forum and noted, "There has never been a better time to buy. Housing affordability is at an all-time high, mortgage rates are historically low, and interest rates are the lowest they've been since the days of Eisenhower."
The week-long meetings were attended by members and staff of the Silicon Valley Association of REALTORS® (SILVAR), including SILVAR President Julia Truesdale Keady, President-elect Jeff Bell, National Association of REALTORS® Directors Susan Tilling, Jeff Barnett, Judy Ellis and Dave Barca, Past-president Leannah Hunt and California Association of REALTORS® Director Suzanne Yost.
Keady said during the summit U.S. Secretary of the Department of Housing and Urban Development Shaun Donovan announced the Federal Housing Administration is going to permit its lenders to allow qualified home buyers to use the $8,000 tax credit as a down payment.
"It would be a tremendous opportunity for buyers if they are able to use the $8,000 tax credit as a down payment," said Keady.
While he does not anticipate an immediate pickup in the coming months, Yun believes early summer will be a critical indicator of how home buyers are responding to the $8,000 tax credit.
Evidence of recovery is already evident in California, where home sales are increasing much faster than anticipated, with some areas in the state are seeing a 70 to 80 percent increase in sales. Yun attributes the surge in home sales to buyers who may have been sitting on the fence but are now taking advantage of the great opportunities.
Yun projects home sales will be 10 to 20 percent higher the second half of this year than last year and that this recession could end in 2010.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.