Home Buyers are BACK – The Market is Speaking

The following info was released this morning from NAR and I felt it noteworthy enough to do a special post.


For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.2 percent to a seasonally adjusted annual rate1 of 5.24 million units in July from a level of 4.89 million in June, and are 5.0 percent above the 4.99 million-unit pace in July 2008. The last time sales rose for four consecutive months was in June 2004, and the last time sales were higher than a year earlier was November 2005.

Lawrence Yun, NAR chief economist, said he is encouraged. “The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales,” he said.

The monthly sales gain was the largest on record for the total existing-home sales series dating back to 1999.

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Wayne O'Day

1st Time Buyers – The TORTOISE or the HARE?

Your grandparents may have told you the story of the Tortoise and the Hare. While the Hare is speedy and overconfident in his ability to win the race, the Tortoise is slow and deliberate and wins the race. If you’re looking to buy your first home you may be the Hare.

The $8,000 1st Time Buyer Credit is a very tasty carrot indeed. The problem is that to qualify you must OWN (not in the process of buying) your home by Midnight November 30, 2009. This is just 10 weeks away. You may think that there is plenty of time; let’s do the math.

Weeks until $8,000 Credit Expires (Nov 20, 2009) 10 weeks
Less avg time to close on a house after contract -6 weeks
Time to write, negotiate contract -1 weeks
Time lost to Thanksgiving Holiday -1 weeks
Time left to find a home you like 2 Weeks!

Yikes! There is not much time. Ad to the mix that there are many first time buyers that think they still have plenty of time, and the process will go even slower as all these Hares race toward the finish line.

There is still time to win, but you must move quickly. I have closed sales in as little as 30 days and I even have a lender that claims they can close in 10 days. If you are cruising the web looking for homes you need to step up your game. My approach is to assist my clients finding their dream home. I search the MLS daily and send them the hottest, newest listings before they even get out of bed. I also give them the ability to search the MLS as if they were an agent on my team. I maximize their chances of crossing the finish line first and claiming their own tasty carrot.

Ready, Set GO...

Welcome to Wayne O'Day's World of Real Estate. My intent is to provide Professional Insight to the world of Real Estate. The Goal is to use our (my wife Lili's and mine) combined experience of over 50 years to provide insight on all things Real Estate. Our focus will be both local and international. We are both Certified International Property Specialists, a designation held by only 2,300 of more than 1 million realtors worldwide and active members of FIABCI, the International Real Estate Federation Headquartered in Paris France. We have offices both in Naples Florida and Orland Park Illinois. We can help you buy, sell or trade Real Estate anywhere in the world. You can find out more about us by visiting http://www.theodayteam.com/