Things are certainly hotting up in Real Estate right now – despite the falling temperatures!

The National Association of Realtors has the latest on Pending Home Sales, the news is again, fantastic! The latest figures are the 9th consecutive month for a rise in the number of pending home sales in the pending home sales index! The first since 2001 when the index was created.

For October the index increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.

NAR’s Cheif Economist, Lawrence Yun says that he expects home sales to be 5.5 – 6 million this year. Here in the Midwest the index rose 11.6 percent to 109.6 and is 36.6 percent higher than October 2008.

 This is fantastic news! Falling inventory as well as low mortgage rates offer a great opportunity for buyers. Also, as we mentioned before, home prices in the area are relatively stable!

With mortgages in mind, the Federal Housing Administration mortgage insurance program is a critical part of the American housing fabric and has never been more important than it is in today’s market. So far in 2009, nearly 80 percent of all FHA insured purchasers are first-time homebuyers. The First Time Homebuyer Tax Credit has of course helped boost home sales in the region.

Despite skepticism by some, it is clear that we have reached a turning point. Buyers know that real estate here in Northwest Indiana offers a unique opportunity right now and are taking advantage of the situation.

Here in Lake County the increase in Pending Home Sales was greater than the national figures at 12.6% and in Porter County it was up 6%!

So in short – now is the time to act if you want a home in Northwest Indiana for the new year!

Thinking of relocating to the Northwest Indiana area? You can use our moving truck for FREE!

As one of the top producing teams of experts in our field both locally and Nationally, our full service team strives hard to make sure your real estate transaction is a truly rewarding experience.

Finding your dream home or finding a buyer is only part of the challenge of a successful transaction. Click here to search Northwest Indiana Real Estate using our complimentary Northwest Indiana Real Estate MLS Search service. Alternatively please contact Jana Caudill and the team if you need more specific assistance in your Northwest Indiana Real Estate needs. You can call the office on: 219-661-1256 or email us on: jana@janacaudillteam.com

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