The National Association of Realtors (NAR) reports that pending home sales, or homes “under contract,” rose for the 9^th straight month ending in October.  October’s number represented a 3.7% increase over September 09, and a 31.8% increase over October 2008.  Also, October's new home sales rose 6.2% over Septembers and 5.1% over October 2008. 

According to NAR’s chief economist this is mostly attributable to the pent up demand being unleashed by the home buyer tax credit which has now been extended into early 2010 with a provision for a tax credit for some qualifying existing home owners who plan to buy homes.  Since the extended tax credit is set to expire in the spring / summer timeframe, we expect to see a rush of buyer activity in the early part of 2010 with a corresponding back up in mortgage applications and settlements.  

Not that there won’t be homes to buy, the inventory of homes nationally is declining towards a more balanced market which is likely to make home prices more stable, somewhat less negotiable, and of course lend to stabilization of equity (wealth) of current homeowners. 

Veteran Realty Serving America’s Military, Inc., VR SAM®,  is a partnership of retired Military Officers and Spouses, all Military Realtors, serving Military Families purchasing or selling homes in the Northern Virginia region including Fairfax County, Prince William County, Loudoun County, Fauquier County, Stafford County, Arlington, and Alexandria,  Many of our purchaser clients are PCSing to the Pentagon, NRO, Fort Belvoir, Fort Meyer, Anacostia, Bolling AFB, Andrews AFB, Navy Yard, Quantico, Coast Guard Headquarters, and other NOVA military installations.   VR SAM also serves a large number of defense contractor employees and Federal Employees from the FBI, NCIS, CIA and other agencies.  Call VR SAM today to learn about our industry leading purchaser client credit and competitive listing programs and rates. 

VR SAM is affiliated with Jobin Realty Manassas, 9327 Main Street, Manassas, VA 20110.   703 365-9090