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REO’s Lead The Way In Recent House Sales – Thanks To Tax Credit
Existing home sales surged a record 9.4 percent in September as Americans hurried to take advantage of a tax credit for first-time buyers before it expires next month. Purchases rose to a 5.57 million annual rate, more than expected and the highest in at least two years, according to the National Association of Realtors.
InvestorCompsOnline.com continues to train our members to take advantage of this “surge” by training them to accurately valuate houses and keeping them informed on all the recent trends in the industry.
The September increase in combined sales of single-family houses and condominiums was the biggest since comparable records began in 1999. This is largely in part due to REO deals. The share of homes sold as foreclosures or otherwise distressed properties was 29 percent in September from 31 percent in August. REOGoldMiner.com has provided access to these deals for many of our InvestorCompsOnline.com members. At REOGoldMiner.com members can find and valuate these in demand distressed deals with the click of a button.
InvestorCompsOnline.com’s research has shown sales of existing single-family homes increased 9.4 percent, the biggest increase since 1986, to an annual rate of 4.89 million. Sales of condominiums and cooperatives climbed 9.7 percent to a 680,000 rate.
Purchases of previously owned properties, which consist of more than 90 percent of the market, are tabulated when sales close and therefore indicatet contracts signed a month or two prior. Sales of newly built houses, which comprise the rest, are recorded when a contract is signed, and may therefore slow months before the tax credit expires. Buyers must close before the Nov. 30 deadline to be eligible to receive the tax credit.
Many real estate investors are waiting for an extension of the tax credit to continue this surge in the market as September’s sales were mostly dependent on the tax credit.
Many Realtors’ groups are lobbying to extend the first-time homebuyers credit on concern demand will wane after it lapses. Many senators have urged their colleagues to extend the credit through next June.
Whether the tax credit is extended or is not, InvestorCompsOnline.com and REOGoldminer.com has the tools needed for our clients to continue to take advantage of this profitable market.
To have access to the lucrative REO deals available in this current real estate market visit REOGoldMiner.com and InvestorCompsOnline.com to receive the training necessary to remain successful in this current market.
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