This week our listings saw an average of 1.3 showings each. With less than two weeks until Christmas, most buyers are putting their home shopping on the back burner until after the first of the year. In an up or down market, this is normal.
On the national real estate front, it was reported last week that the pending home sales indicator is up for the ninth straight month. In an article at Realtor.org, the chief economomist of the National Association of Realtors, Dr. Lawrence Yun, sites the first time buyer tax credit as the major stimulator. He also notes that the new tax credit and extension of the previous credit should cause another surge in mid to late spring. His logic is that the new tax credit will get repeat buyers out into the market, but it will likely be a few months before those buyers translate into sold listings.
The Charlotte market has seen similar increases in our local pending home sales. Currently, they are up about 20% over last year. it is important to note, however, that they are also down over the previous month, which again is normal based on the time of year.
My best advice for anyone watching the market right now? Sit tight, enjoy the holidays and expect a solid year for home sales in 2010.