Things are getting really exciting! It's decision time folks.
Today, The National Association of Realtors reported that its Pending Home Sales Index increased 8.8% in August to a record high of 132.8 (100 represents the level of contract activity in 2001). This reading beat expectations for a 3.1% monthly advance.
Pending home sales for the year thus far are up 24.2% , beating expected sales of 17.6%. Note, pending home sales are those set to close over the next month or two .
NAR Chief Economist Lawrence Yun said: "Tremendously low mortgage rates - below 3% - have again helped pending home sales climb in August. Additionally, the Fed intends to hold short-term fed funds rates near 0% for the foreseeable future, which should in the absence of inflationary pressure keep mortgage rates low, and that will undoubtedly aid homebuyers continuing to enter the marketplace." "Home prices are heating up fast," and. "The low mortgage rates are allowing buyers to secure cheaper mortgages, but many may find it harder to make the required down payment."
What to do? Well, I guess you can read the news and stay in your home and let your capital gain continue to grow. Just wait and see who gets elected President and if you will still be able to leave your house to the kids at a stepped up basis or maybe it IS the time to sell it and move into your much awaited retirement or larger home before you can't afford the down payment and might have a tax bomb to boot!
Whatever, the decision, you can always give me a call at (941) 302-8855 or email me (Carolyn@WinterSuncoast.com) and I will be happy to walk you through.
Have a great day!!