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Sales Contracts Hit Highest Level in Months

by Mayes Harris Team

The National Association of Realtors (NAR) just announced that the February Pending Home Sales Index reached its highest reading since July 2015.

What is the Pending Home Sales Index (PHSI)?

NAR’s PHSI is “a forward-looking indicator based on contract signings”. The higher the Pending Home Sales Index number, the more contracts have been signed by buyers that will soon translate to sales. February’s Index rose 3.5% month-over-month to 109.1.

What does this mean for the market?

Lawrence Yun, NAR’s Chief Economist explained:

After some volatility this winter, the latest data is encouraging in that a decent number of buyers signed contracts last month, lured by mortgage rates dipping to their lowest levels in nearly a year and a modest, seasonal uptick in inventory.

"Looking ahead, the key for sustained momentum and more sales than last spring is a continuous stream of new Listings quickly replacing what's being scooped up by a growing pool of buyers. Without adequate supply, sales will likely plateau."

So What Does This Mean For Buyers?

There is a lot of competition out there right now for your dream home. Prices are going to continue to climb, act now before you are priced out of your future home.

What Does This Mean For Sellers?

If you are on the fence about listing your home for sale and debating whether now is the time to move on with your plans of relocating… don't wait!

There are more buyers that are ready, willing and able to buy their first, second, third, vacation, or investment property now than there has been in years! The supply of homes for sale is not keeping up with the demand of these buyers.

Listing your home for sale now will give you the most exposure to buyers and the best sales price.

Bottom Line

Whether you are planning on buying or selling a house this year, waiting to act no longer makes sense.

As the saying goes why reinvent the wheel when you can learn from other people's experiences? Recently, I asked some friends what is the one piece of advice they wish they had been given before buying their first home.  I just had to share some of the answers.  Here are the top 10: 

1. Talk to the neighbors. Actually, knock on some doors to get a feeling of what it would be like living in that neighborhood.  Ask them how they like it. 

2. Drive by the house at night and stop and listen. The feel of the neighborhood can be quite different at night versus during the day.   

3. School District. No matter whether you have children or how you educate them, buy in a neighborhood zoned for a highly sought after school district. 

4. Hot neighborhood. If you have the luxury of time to wait this out, and know someone who has access to the inside info on this: buy in a neighborhood where houses are sold before they even hit the market.

5. Budget. My thought is that as much as you think you'll have the time and money to 'fix the place up' make sure you have the available budget before buying! And once you estimate the time and money which you think you need, double it.

6. Location, Location, Location! This is true because as you know many things can be changed, but not the location of the property. 

7. Home Inspection. Having the home inspected by a neutral party or business can help you see things the way they are not they way you want them to be.  

8. Think of all your moods. If something only annoys you while in a good mood, how much will it bother you when in a bad mood? Like the neighbors tree blocking your view, for an example. 

9. Do your homework. Hire a Real Estate Professional who knows the area, the businesses, and the schools.  Make sure they also know the neighborhoods.  Their information is very valuable and shouldn't be overlooked.

10. Don't overbuy. Try to stick to a budget because you do not want to be house poor. Have your mortgage officer give you a range for approval.  

Thank you, friends, and if anyone has further advice, please, please do share.  I appreciate it!! If you need real estate assistance in the Lake Norman or surrounding area, please do reach out. I'm a simple email away:

If you'd like more information on this listing, please click here >>>  19611 GRAND SLAM DRIVE, DAVIDSON, NORTH CAROLINA

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