A survey by the California Association of Realtors found that sales of California real estate have actually increased from the end of 2008 to the beginning of 2009. Survey respondents indicated that attractive prices and low mortgage rates were the leading factors motivating them to buy. For more see the following article from HousingWire.
“In contrast to peak years when inventory levels were at record lows, inventory levels over the past several months have been in the range of the long-run average,” CAR chief economist Leslie Appleton-Young said in a release. “With many homes available on the market at more affordable prices in the past year, home buyers have been devoting more time to considering and carefully selecting their home during the researching and buying process.”
The average home buyer spent 8.4 weeks considering their purchase in 2009, up from 7.2 weeks in 2008. Buyers spent 10.3 weeks searching for a home with their real estate agent, compared to 8.7 weeks in 2008.
Nearly one-third of respondents who purchased in a traditional market sale said they either did not know or were not sure they knew the terms of their loan. A smaller percentage, 12%, of REO buyers and 7% of short-sale buyers indicated the same response.
This article has been republished from HousingWire. You can also view this article at HousingWire a mortgage finance news website