July Pending Home Sales Hit Two-Year High

This is such encouraging news and what really brought this information to my attention is the fact that I played a part in this data! I had 3 pending sales during the month of July, and it seemed as though if a house had a roof and 4 walls, it was under contract. For those of us who don’t know, a pending sale is when an existing home on the market becomes binding between two parties. Anything can happen during this time regarding funding, appraisals, stipulations, etc. This is also an exciting time because the sellers and buyers are preparing for major transitions in their lives. What I love about this information is that it paints a very clear picture for me. There were a large amount of homes on the market before, this number began to drop significantly and people began to panic. Their worry is that there were no more good deals on the market, so people began to really get it in gear and begin buying homes. There were many people sitting on the fence, meaning they couldn’t decide whether to buy or wait for better deals to come. For some reason, the panic took hold and a huge amount of homes were pending in July and eventually sold in August. The problem now is the shadow inventory and when it will be released. It seems as though all the good deals are gone, but wait until after the first of the year when further foreclosures are released. If you’re still on the fence, there will be good deals, but prices to continue to rise, so watch out.

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