Real Estate Market is on the Mend in Stockton
Great news for the Stockton Real Estate Market. Pending home sales have for the last 9 months risen. For October 2009 pending home sales increased 3.7% to an index value of 114.1 from 110 in September 2009 and is 31.8% above October of last year when the index value was 86.6 according to the National Association of Realtors. This is the biggest annual jump since March 2006.
This is good news, but what does it mean for the home buyer? Because of the low inventory approximately 2.7 months of inventory in the Stockton and San Joaquin County the competition for homes for sale is extreme; homes are selling in 1 to ten days with multiple offers. Many buyers are experiencing frustration and especially 1st time home buyers. There are a lot of factors favoring the 1st time home buyer: low interest rates, great purchase prices and the $8,000 1st Time Buyer's Tax Credit.
What is the best way to go about purchasing real estate for the first time home buyer?
- Find an experienced Real Estate agent and learn about the home buying process
- Become pre-qualified for a mortgage, your Realtor can help you with a referral to a loan officer
- Make a list of what you want in a home
- Don't procrastinate
I can't stress enough how much an experienced agent can mean in finding and purchasing a home. Communication and attention to detail is one of the most important attributes of a Realtor. The real work starts after the sale pulling all the pieces together and completing the sale and achieving you goals.
Hugh Lilly at The Hugh Lilly Real Estate Group at PMZ Real Estate has been helping buyers and sellers for over 28 years. Call Hugh at 209-479-9222. Good luck and good hunting for the perfect home. WWW.hughlilly.com .