Pending Housing Sales Down...... But Looking Up

As the First-Time Homebuyers tax credit has been extended, the numbers show that people on the market for a new house are holding out. According to the Associated Press and the National Association of Realtors, the seasonally adjusted index of sales agreements dropped 16% in November. Many individuals that were under contract to purchase previously occupied homes opted out and have decided to take their time. The extension of the tax credit has been a positive thing for those looking to purchase a house, and they may be thinking that the housing prices haven't hit rock bottom yet so they are holding out for lower prices. But as our economy begins to build itself back up, now is the time to buy as interest rates may begin to creep up as well. So if there is any time to buy, now is that time! Some economists have predicted that home sales will remain steady through the winter and come early spring, we will see a notable gain in sales.