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Improved buyer demand at the beginning of 2015 pushed pending home sales in January to their highest level since August 2013, according to the NATIONAL ASSOCIATION OF REALTORS®. All major regions except for the Midwest saw gains in activity in January.
NAR’s Pending Home Sales Index measures the number of homes that have sold, but not yet made it to the closing table. Real estate purchase contracts climbed 1.7% in January and are up 8.4% from this time last year. This marks the fifth consecutive month of year-over-year gains with each month accelerating the previous month’s gain.
Homebuyers continue to face a tight supply of homes for sale, particularly entry-level homes, in many housing markets, according to NAR Chief Economist Lawrence Yun. But having pending sales rise, despite the fact that in many markets buyers have limited choices, bodes well for homeowners looking to sell this spring.
Before you put your home up for sale, understand how the right comparable sales help you and your agent find the perfect price.
How much can you sell your home for? Probably about as much as the neighbors got, as long as the neighbors sold their house in recent memory and their home was just like your home.
Knowing how much homes similar to yours, called comparable sales (or in real estate lingo, comps), sold for gives you the best idea of the current estimated value of your home. The trick is finding sales that closely match yours.
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