Home Sales May Rise Modestly Before Broader Upturn in Second Half of 2008

I am very excited to present to you my first blog site, where I am hoping to provide everyone information about what’s going on in this beautiful community and useful news about the real estate market!

According to the latest forecast by the National Association of Realtors(NAR), a modest gain in the level of home sales is possible over the next couple of months and improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.3% to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1% lower than April 2007 when it stood at 101.5. NAR chief economist said pending sales contracts have picked up notably in areas undergoing significant price drops.

I have been working with clients who are” bargain hunters” in San Diego County for the past 4 months or so, and those bargain listings have usually multiple offers on the first few days on the market! This one property we made an offer in Oceanside, which already had 15 offers! I couldn’t believe it….The key is to be patient to get a bargain. Especially when you are dealing with short sales, and bank owned properties, it takes time for an offer to get to the right person for review and to get a response, unless they are so motivated and ready to go. Just keep in mind that it may take several tries to get one.

NAR chief economist sees an improving economy. Growth in the U.S. gross domestic product(GDP) should be 1.7% in 2008 and 2.0% next year. It’ not bad at all out there.

ENJOY this beautiful season in Carlsbad, although it’s always nice here throughout the year (^_^). I am so thankful to be able to live here!