Did Existing Home Sales Rebound in December?
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The National Association of Realtors (NAR) just released their latest Existing Home Sales Report on Friday. Sales of existing homes rose by the largest increase every recorded as they rebounded 14.7% over November’s numbers and now stand at 7.7% higher than a year ago.
Source: Existing Home Sales Rebound in December | Keeping Current Matters
Existing Sales Rebound Nationwide
On a national scale, existing sales rose 14.7% over November and are 7.7% higher than December last year. That’s good news! Real estate has long been the little engine that could insofar as the national economy is concerned and this is an encouraging fact to consider in terms of consumer confidence.
Location, Location, Location
We’ve previously discussed the fact that real estate is local in the sense that national trends, be they good or bad, may or may not apply in your local area.
As a case in point, consider the negative trend for existing homes for sale in El Paso County, CO as shown in this graph, where there was a 19% decrease from November to December 2015 and a 18% decrease from December 2014.
Supply and Demand
And not that this is bad news. The law of supply and demand makes it so the decreased supply causes an increase in demand and with it an increase in prices, as you will see from the graph below.
In addition, depending on price range it can also bring nirvana to any seller, multiple offers which often exceed asking price.
Overall, the Colorado Springs real estate market is not only alive and well, but awaits your participation and the professionals at realestatesupermarkets.com are standing by to be of service with down payment assistance, referrals to quality lenders and service providers, as well as investor financing. Contact us anyway you can and let’s get it started.
Eight Steps To Saving For A Down Payment
Don’t worry—we’ll do the painful math for you so you know what splurges to kick to the curb in 2016.
Time To Save For A Down Payment?
Depending on where you are in the country, it can take over 10 years to save for a down payment. Here are some 
things you can do to cut that time down considerably:
- $ 876 savings – Skip the latte
- $ 696 savings – Cut the gym membership
- $1,189 savings – Cancel cable TV
- $ 100 savings – Drop a streaming service
- $ 300 savings – Lower smart phone plan
- $1,714 savings – Pack a lunch
- $3,168 savings – Cut out drinking alchohol
- $1,354 savings – Cut the dry cleaning bill
$9,397 total savings!
Yes, with a lot of focus (and sacrifice), it’s possible to save close to $9,400 to use for the all important down payment for your home purchase. But, why?
Down Payment Assistance
Many don’t realize there are assistance programs that can cover:
- Down payment
- Closing costs and prepaids
- Energy efficiency upgrades
- Disability adaptability upgrades
- And more!
And the truth is these programs are available in most areas, sometimes regardless of income!
As home buying advisors, we pride ourselves on our dedication to helping anyone who wants to own a home with that goal.
Contact us today for your personalized consultation!
Housing Adaptation Assistance
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