Sales of existing homes fell in March
The national housing downturn continued in March as single-family home sales fell 2 percent in March – the seventh decline in the past eight months, the NATIONAL ASSOCIATION of REALTORS® (NAR) reported Tuesday. The NAR said the median price of a home fell from $217,400 a year ago to $200,700 this March, a 7.7 percent decline. The inventory of homes for sale increased by 40,000 units to 4.06 million homes. At the March rate of sales, it would take 9.9 months to deplete the inventory, up from 9.6 months in February.
Bargain hunters boost home sales in some markets
With prices falling in many parts of the country and the number of foreclosures rising, a small yet growing number of bargain-hunting buyers are seeing an upside to the real estate market—I am actually seeing multiple offers on bank owned homes—first time home buyers with good credit can buy a home and have a payment equal to monthly rents.
The key is keeping your credit good—all parents should educate their children as young adults the value of good credit. First time buyers have a great opportunity to purchase a home now and start a solid real estate future.