Pending Home Sales See February 2017 Jump In Anticipation Of Rising Interest Rate
Apr 1, 2017
Numbers for February 2017 are in, and pending home sales have seen the highest month-over-month increase noted since April 2010; buyers seemed spurred on by a variety of economic factors.
Fairfax, United States - April 1, 2017 /MarketersMedia/ —
Economists originally predicted an increase in pending sales for single-home residences and condo units, but they fell short of the reality. Experts forecast an increase of approximately 2.5 percent in February 2017. Home buyers flooded the markets in excess of forecasts due in part to rising stock market performance and strong hiring trends across multiple industries. Experienced brokers might also note the impact of warmer-than-normal weather in late winter and early spring, which is encouraging potential buyers across the nation to browse properties more often.
The spring season is always a busy one for brokers, as buyers are seeking to move during pleasant weather or use the summer months to relocate an entire family. This year, buyers are also being motivated by the potential savings associated with closing sooner rather than later. With the Fed signaling several interest-rate hikes throughout 2017, savvy buyers realize that the total cost of home ownership is only likely to increase as time goes by. Getting into a new home in the spring months could save buyers substantially on long-term interest payments.
The sudden influx of motivated buyers does pose a challenge for brokers. The recovering home market is still short on supply. Inventory at the beginning of the year was low when compared to the beginning of 2016. With supply outpacing demand, home prices across the nation have been creeping upward. Brokers can still help aggressive buyers find the right deal, but more passive buyers might be tempted to roll the dice on rising prices and interest rates if there isn't a home in local inventory that meets their needs or preferences.
Perhaps hardest hit by the supply problem are buyers looking for first-time or entry-level homes. Supply is more plentiful at mid- and top-range pricing, making entry-level home shopping more competitive. Lower supply and a rush to close deals before interest rate impacts kick in mean homes are selling fast. Professionals looking to broker deals and lock in long-term real estate clients must be poised to move fast.
Current market factors also mean sellers are usually fielding more than one offer. It's a good position to be in as a broker representing the seller, but professionals on the other side of the deal might have to think creatively to place customers in the running for a home purchase.
Contact Info:
Name: Scot Small
Organization: Commission Express
Address: 8306 Professional Hill Drive, Fairfax, VA 22031
Phone: 888-560-5501
For more information, please visit https://www.commissionexpress.com
Source: MarketersMedia
Release ID: 182380
More News
India's data centre policy in works, says Jitin Prasada
India's government is preparing a data centre policy to enhance the hyperscale data centre sector. The proposed policy aims to streamline approvals and provide infrastructure status to the industry. A tax holiday until 2047 for eligible foreign cloud providers has also been announced. The use of artificial intelligence can improve power generation efficiency and flexibility for data centres.
Officials can deny benefits if tax relief found sole motive
India has implemented a Principal Purpose Test in the India-Mauritius Double Taxation Avoidance Agreement. This test allows tax authorities to deny benefits when tax relief is a principal purpose. The amendment, effective from August 2026, impacts various foreign investors using Mauritius for investments. The change affects significant cumulative foreign direct investment inflows into India from Mauritius. Experts believe this will alter how investment structures are evaluated under the treaty.
Insurers may face higher crop cover claims in Andhra Pradesh, Maharashtra, Karnataka
In Maharashtra, insurers' liability could be capped at Rs 1,540 crore before the state government takes over claims beyond that level. The state has declared drought-like conditions in 265 talukas, raising concerns over this year's losses.
Mbappe beats Messi's record to become youngest with 100 Champions League appearances
Kylian Mbappe recently achieved a milestone by becoming the youngest player to reach 100 Champions League appearances. He accomplished this remarkable feat at age 27 while playing for Real Madrid against Roma. Prior to Mbappe, Lionel Messi held this record at age 28 set in 2015. Mbappe made his Champions League debut at just 17 years old with Monaco.
World Bank Group mobilizes $36 billion in India for development and job creation over four years
The World Bank Group has mobilised a cumulative $36 billion in India across various development sectors. This funding includes $9.6 billion specifically for aiding micro, small and medium enterprises. Since 2022, the World Bank has invested over $3.5 billion alongside private partners to enhance MSME bankability. The group's global private capital mobilisation has more than tripled, reaching $112 billion in fiscal 2026.
World Bank Group mobilizes $36 billion in India for development and job creation over four years
The World Bank Group has mobilised a cumulative $36 billion in India across various development sectors. This funding includes $9.6 billion specifically for aiding micro, small and medium enterprises. Since 2022, the World Bank has invested over $3.5 billion alongside private partners to enhance MSME bankability. The group's global private capital mobilisation has more than tripled, reaching $112 billion in fiscal 2026.
Diya Chitale Sets Olympic Sights After Asian Games Medal: 'It's Like A Stepping Stone'
Diya Chitale sees India's Asian Games mixed doubles bronze as a stepping stone to the Olympics, with improving rankings now the top priority.
Mitchell Santner hopes New Zealand conditions can blunt India's firepower
New Zealand's white-ball captain Mitchell Santner is optimistic about home conditions helping in the series against India. The series begins with five T20Is on October 22 and will feature various venues. Santner acknowledges India's strong batting lineup and emphasizes the need for strategic bowling plans. Both teams aim to gain momentum ahead of the ODI World Cup next year.
Wholesale inflation hits series high of 11.4% in September as fuel, food prices surge
India's wholesale inflation reached 11.4% in September, significantly increasing from 9.9% in August. Rising prices of fuel, food, and manufactured goods contributed to this surge. Food inflation climbed to 8.7%, marking a 23-month high. Retail inflation also saw an increase, rising to 5.54% year-on-year in September. Economists expect inflation to remain elevated in the coming months due to ongoing global commodity pressures.
Bridgerton spinoff: Young Lady Danbury expected to return; who will play Young Violet Bridgerton?
Netflix and Shondaland have announced a limited series about young Violet. It will follow her romance with her future husband. A familiar face from Queen Charlotte: A Bridgerton Story is also reportedly returning.
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.