The breaking news in real estate is that pending home sales are up and have been for the past three months! Why? Lawrence Yun, Chief NAR Economist, has the answer, “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.” Yun does mention that many of these pending homes are short sales and some deals are falling through. When pursuing
a short sale it’s good to know what you can do to keep your sale together.
For some great tips, you can revisit Joe Light’s Money Magazine article we linked to yesterday, “Snag a great deal on a short sale” or check out the highly in-depth article on
buying a short sale over at bankrate.com. Once, you’re doing researching the subject, you can head over to SHORTsense.com and get started on finding a new SoCal home to close on before the HUD tax credit November 30th deadline.