Wednesday, March 23, 2011

Housing Market Index Encouraging

While The Sanborn Team focuses on the resale of existing homes, especially real property sold through probate, trust and conservatorship, we keep a close eye on what's happening in the new-homes market as well. Trends in new construction tend to have a ripple effect on employment, local economies and, sooner or later, home sales.

The National Association of Home Builders (NAHB) released its Housing Market Index on March 15 with a note of cautious optimism. Builder confidence is up to its highest level since "May 2010, when the survey period corresponded with the final days of the federal home buyer tax credit program," NAHB says. The West showed the highest gains.

What this uptick in the HMI means is that builders believe home-buyers will begin making new-home purchases in the coming months.

While the NAHB is far from enthusiastic about the market's immediate prospects, this new report suggests to us that home sellers need to be even more on-target with their pricing as competition from new homes gains momentum.

The Sanborn Team has been selling real property on the Los Angeles Westside for more than 30 years. If you have questions about pricing or timing your home sale or about any aspect of probate and trust real estate, visit our website, or call us at 310-777-2858 today.