Nationally, cash buyers made up about 1/3 of all 2021 home sales so far, but that percentage rises to 52.6% in West Palm Beach, the top metro for cash sales in the U.S. The ratio was 52%
📈 Contract Signings Surge to Highest Rate Ever in December ☘ Hoey Team ☘ exp Realty 🌴 Southwest Florida 🌴
Dated: January 30 2021
Pending home sales reached a record high for December last month as the unseasonable housing surge continued in markets across the country during the COVID-19 pandemic.
Pending sales were up 21.4% year over year in December, reaching the highest reading for a December on the National Association of REALTORS®’ Pending Home Sales Index. All major regions of the U.S. recorded double-digit increases annually.
However, the index—a forward-looking indicator of home sales based on contract signings—did drop slightly, by three-tenths of a percentage point, in December compared to November. December’s index reading was 125.5. (An index of 100 is equal to the level of contract activity in 2001.) The slight month-over-month decline was blamed on fewer contract signings in the Midwest, NAR said. In other regions, contract signings saw an uptick or stayed flat in December.
Housing shortages continue to press on the housing market. “Pending home sales contracts have dipped during recent months, but I would attribute that to having too few homes for sale,” said Lawrence Yun, NAR’s chief economist. “There is a high demand for housing and a great number of would-be buyers, and therefore sales should rise with more new listings. This elevated demand without a significant boost in supply has caused home prices to increase and we can expect further upward pressure on prices for the foreseeable future.”
Yun projects that 2021 will see strong economic growth, supported by low mortgage rates and fiscal stimulus, that could help increase existing-home sales. He predicts the 30-year fixed-rate mortgage to stay near record lows, averaging 3%. He added that these low mortgage rates likely will help bolster existing-home sales to 6.49 million this year, which would be a 15% increase over the total 5.64 million sales in 2020.
Here in Southwest Florida 🌴 especially as people continue to move / relocate to the area from other parts of the US, inventory remains low overall, but we do continue to list new properties to the market and sell many homes; both Single family, and Condo type. We have also seen an uptake in people planning ahead, and buying that second home now, rather than waitiang as they were planning to do. Low interest rates are probably helping with this additionally. Low inventory is the greatest chalenge for buyers. For those relocating to Florida, we are pleased to be able to assist homeowners in other parts of the United States who need to sell to buy here; please reach out today for more information and how you can have a smooth, non-stressful transition / relocation.
At our Real Estate Team; Hoey Team ☘ we have been succesfully working 100% virtually / remotely for the past number of years as we continue to grow; i'm glad we already had systems in place to better help sellers and buyer with goal posts continually moving in our industry.
Article content from our NAR (National Association of REALTORS) Newsletter Magazine, and from other sources including Hoey Team ☘ exp Realty
For those Living in or Visiting Southwest Florida wanting additional resources, or a list of places to see / visit: www.VisitCollier.Com Feel free to share this resource page with others 🌴
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For more Real Estate related information, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.
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