We have seen multiple offers on homes in recent weeks with some selling above the asking price.
It may be an indication that home prices have bottomed out.
The selection of homes and pent up demand, combined with low interest rates could be the reason buyers are returning to the market.
As of this writing, we have seen 30-year interest rates quoted at 5.19 percent with no points. 15-year rates are at 4.58 percent with no points and 5/1 ARMs are at 4.06 percent with no points.
These are unbelievable rates and the question to bear in mind is: How long will they remain this low? Bear in mind that the rates quoted above are a quick snapshot and can change by the hour.
The U.S. Senate introduced a bill to extend the first-time homebuyer’s tax credit until June 1, 2010.
The tax credit is set to expire on Dec. 1, 2009. There are no assurances at this time that the credit will be extended.
Currently, approximately 530,000 homebuyers have applied for the tax credit, which can be as much as $8,000.
To be eligible for the tax credit, the home must be closed by Nov. 30, 2009.
Coldwell Banker has released their 2009 Home Price Comparison Index for the U.S. and international cites.
The most expensive market in the U.S. is La Jolla, Calif., with an average sales price of $2,125,000 and the least expensive is Grayling, Mich. with an average sales price of $112,675.
If you are thinking of moving overseas, the most expensive market is Singapore with an average sales price of $1,898,500.
If you prefer the least expensive market, you need to look at Salinas, Ecuador with an average sales price of $69,375.
The most expensive city in Arizona is Flagstaff with an average sales price of $385,057. The least expensive is Phoenix at $199,211.
The national average price of homes in the U.S. was $363,401.
The report shows that the Canadian market is on an uptick with record prices being seen in Vancouver, British Columbia.
The report is interesting and also brings to light how real estate is priced in other parts of the world.
For example, the average sales price in Shanghai, China was $1,386,750 and in Ho Chi Minh City Dist. 1 it was $341,099.
The average sales price in Payson this year is $253,536 and Pine-Strawberry is $214,828.
Ray Pugel is a designated broker for Coldwell Banker Bishop Realty. Contact him at (928) 474-2216.