Pending home sales rise in June for 5th consecutive month

Pending home sales index rises again in June
More good news: Pending home sales rise in June for 5th consecutive month
On Tuesday August 4, 2009, 11:01 am EDT (An article from the Associated Press)

WASHINGTON (AP) -- Pending U.S. home sales rose in June for the fifth straight month, another encouraging sign of life for the embattled U.S. housing market, the National Association of Realtors reported Tuesday.
For June, the Realtors group said its pending home sales index rose 3.6 percent to 94.6, from an upwardly revised reading of 91.3 in May. The last time there were five consecutive monthly gains was July 2003.
The results were far better than analysts expected. Economists surveyed by Thomson Reuters expected the index to come in at 91.2.
The report tracks signed contracts to purchase previously owned homes and is considered a barometer for future home sales. Typically there is a one- to two- month lag between a sales contract and a completed deal.
The jump in pending home sales coincides with other positive trends in the residential real estate market.
"The housing market is healing and the patient is getting healthier at an accelerating pace," said economist Joel L. Naroff, president of Naroff Economic Advisors Inc.
For the first time in five years, home resales have risen for three months in a row, increasing almost 4 percent in June. Low prices, attractive mortgage rates and a first-time homebuyers tax credit of up to $8,000 have kick-started sales.
"Because housing is so affordable in today's market, job security and the first-time buyer tax credit are bigger factors in influencing home sales," said Lawrence Yun, the Realtors group's chief economist, in a statement.
Also Tuesday, homebuilder D.R. Horton Inc. said its fiscal third-quarter losses shrank from the year-ago period, as it took smaller charges against the falling values of its land and unsold homes.
D.R. Horton's results followed similar numbers from Pulte Homes Inc. and Centex Corp., which reported quarterly earnings Monday that showed new-home orders picked up during the first half of the year.
Yun said he expects existing home sales to gradually rise over the balance of the year, with conditions varying around the country.
"It appears home sales are on a sounder footing and inventory is gradually being absorbed," he said.
Regionally, the pending home sales index jumped 7.1 percent to 100.7 in the South and 2.9 percent to 100.4 in the West. The index inched up 0.4 percent to 81.2 in the Northeast, and up 0.8 percent to 89.9 in the Midwest.

First Time Homebuyer Seminar

Are you a first-time homebuyer?
DO YOU KNOW…

YOU may qualify for an $8,000 tax credit just for buying a home this year?

YOU may qualify as a 1st time homebuyer even if you previously owned a home?

YOU can amend your filed 2008 tax return and receive your $8,000 in 2009?

YOUR 2009 Tax Credit is not a loan and does not have to be repaid?

COME GET THE FACTS…

ROCHESTER PUBLIC LIBRARY
65 South Main Street, Rochester, NH 03867
THURSDAY, JUNE 4, 2009
6:30-7:30 PM

THE AMERICAN RECOVERY & REINVESTMENT ACT OF 2009 ESTABLISHED THE $8,000 FIRST-TIME HOMEBUYER TAX CREDIT ON FEBRUARY 17, 2009

IF YOU ARE A 1ST TIME HOMEBUYER WHO HAS PURCHASED OR PLANS TO PURCHASE A HOME BY DEC 1ST 2009 YOU NEED TO CHECK THIS OUT!

THIS WILL BE A FREE INFORMATIONAL SESSION:
* GET THE LATEST UPDATES ON THE PROGRAM
* LEARN HOW TO DETERMINE IF YOU QUALIFY
* LEARN HOW 2009 TAX CREDIT CAN IMPACT YOUR FINANCING
* ASK QUESTIONS OF TAX PROFESSIONALS
* COME AND GET THE INFO FOR SOMEONE WHO CAN’T ATTEND

IF YOU CAN’T USE THIS INFORMATION, PLEASE PASS IT ON TO SOMEONE WHO CAN!


This event is free and open to the public.
Sponsored by the Strafford County Board of REALTORS®

Why has my house not sold, yet?

Whether your home has been on the market for a week or a year, there is a buyer for your home. The problem we are seeing right now is it's a buyers market, which means a buyer wants the best value, or they will move on to something else.
Your home has to be at its very best, or at least in the top 10% of the homes in your price range and/or town. I am not just pulling this number out of the sky, it is what is referred to as the absorption rate.
Right now in the town of Rochester, NH the absorbtion rate is roughly 10% over the past year. Now what this means is that in any given price range only 10% of the homes are selling, the rest are remaining on the market. To simplify things further; If your house is in a price range/area with 40 other homes. There are enough buyers out there right now to buy 4 of those homes a month. So, out of the 40 homes that are on the market in that price range every month, yours has to be in the top 4, or you won't get it sold, let alone, an offer.
If you truly need to get your home sold, and have the motivation to do what it takes, make your home one of the top 10% of the homes out there. (I have very detailed information that I provide to all of my sellers to make sure they know what it takes to be in that top 10%, and I help them achieve it.)

***Note that the numbers I have given are for Rochester, NH only. These numbers will vary from town to town. If you would like to know the absorption rates for your town. Please feel free to contact me.

Tax Credits on Energy efficient improvements

Many of you are aware of the $8000 tax credit that went into effect with the "American Recovery and Reinvestment Act of 2009", however, many are not aware of the many other benefits that were introduced in this legislation. There are significant tax benefits to those who make energy efficient upgrades to their home.

You may be eligible to receive a tax credit for home improvements placed in service from January 1, 2009 through December 31, 2010. These tax credits may apply to windows, doors, insulation, roof, HVAC, water heaters, biomass stoves, geothermal heat pumps, solar panels, solar water heaters, small wind energy systems, fuel cells. Visit www.energystar.gov for more information.

Sunshine and Avalanches at Tuckerman's Ravine

So the day up at Tuckerman's Ravine went great. We started the hike with a light rain shower, but that quickly passed. The majority of the hike was under a partly to mostly cloudy sky, which was very comfortable, given the temperatures on Saturday. I arrived up at the ravine around 9:15, absolutely exhausted from the hike, yet, so excited for my day of skiing. At this point the sun was shining down on us. We sat at a nice spot on the lunch rocks, where we were able to kick off the hiking boots and get into our ski gear.

What a rush looking up at this towering ravine up above, staring back down out you, just waiting to partake in our day of fun. Our first hike up the ravine was great. A couple people had already gone up ahead of us creating a ladder like stairway to the top. My only suggestion for hiking this stretch is to wear pants that cover your boots. My boots kept getting filled with snow. Though enjoyable, wearing shorts, it was not exciting getting a boot full of snow.

My first run down started with a couple of runs in the upper snowfields. My turns lead me over to the head wall, just right of wear there was open running water from the melting snow. As I take a couple of turns into the head wall, I feel the show give way below me. I tumbled twice then re caught my edge, only to see that I am skiing in a gently avalanche of snow, if you will. I turned to the side a bit and proceeded to ski the remainder of the way down next to this sliding snow.

My second run, was right gully, a little less steep, yet, a lot more narrow. That was actually a great run. I got some great turns in on the slushy sun melted snow. However, my legs were burnt at that point. There was no way I was going to hike back up for a 3rd run.

Overall the day was great, we counted 3 Larger sized avalanches and 2 smaller ones. There was a rolling rock off the head wall and a chunk of ice from right gully. There were people drinking and people laughing. There were some strange kids skiing down in Santa suits, bunny suits and the infamous Borat bathing suit (That was a site for sore eyes.) There were people launching off the head wall and some not purposely. Wow, what wipe outs we saw.
The day was great. There was so much fun had in that 75 degree sunny day in the ravine at Mount Washington.

See you on the slopes next year!

Tuckerman's Ravine

I am looking to do the hike. If there is anyone out there that is interested in climbing Mt. Washington to ski Tuckerman's Ravine this month (April), please let me know. I was contemplating going on Sunday April 26th. For those of you who don't ski, it is still worth the hike. If you are feeling extra ambitious, you are more than welcome to carry my ski boots.

Let me know if it is something you might be interested in!