78% of First-time Home Buyers Say Now Is Good Time to Buy

Century 21 Real Estate LLC, the franchisor of one of the world’s largest residential real estate sales organizations, announced the results of its recently commissioned first-time home buyer survey. The survey found that more than three-quarters (78%) of potential first-time home buyers say that now is a good time to buy a home, despite widespread concern about the economy. Out of the 1,000 prospective U.S. first-time home buyers surveyed for the CENTURY 21 First-Time Home Buyer Survey, 68% think now is a better time to buy than six months ago. Prices are the driving motivation for potential first-time home buyers with more than eight out of ten first-time home buyers (85%) saying they consider current home prices affordable and 73% citing that taking advantage of current prices is a major factor in their decision to buy. Interestingly, potential first-time buyers are still split between “being willing to consider an offer now” (42%) and “waiting for prices to go down before they seriously consider making a purchase” (48%).

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Survey: Households Say Now Good Time to Buy

More than three-quarters (78 percent) of potential first-time home buyers say that now is a good time to buy a home, despite widespread concern about the economy.

Out of the 1,000 prospective U.S. first-time home buyers surveyed in early March for the CENTURY 21 First-Time Home Buyer Survey, 68 percent think now is a better time to buy than six months ago.

Prices are the driving motivation for potential first-time home buyers with more than eight of ten first-time home buyers (85 percent) saying they consider current home prices affordable and 73 percent citing that taking advantage of current prices is a major factor in their decision to buy.

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California home sales in Feb. up 83%, unsold inventory index falls to 6.5 months

California's unsold inventory index for existing, single-family homes in February was 6.5 months, less than half the 15.3 months for the same period a year ago, while the median number of days it took to sell a home was 51.5 days compared with 69.3 days.

The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

Overall, home sales increased 83 percent in February in the state compared with the same period a year ago, while the median price of an existing home fell 40.8 percent, the California Association of Realtors reported.

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February new home sales rise unexpectedly, driven by sales in the West, South

New home sales rebounded -- and jumped 7 percent in the West -- unexpectedly last month, but were still the second-worst on record and remained well below last year's levels, according to data released today.

The results were the first increase since last July. They provided some hope that developers have slashed prices and construction to such a large extent that sales have finally hit bottom and the worst may be past. Prices, however, are likely to remain weak for months as builders continue to clear out their stock of unsold homes.

"We are prepared to hazard the view that the post-Lehman meltdown is now over and the market is stabilizing," wrote Ian Shepherdson, chief U.S. economist at High Frequency Economics, referring to last fall's collapse of investment bank Lehman Brothers and the subsequent Wall Street plunge. "That's not the same as a recovery, but it is better than continued declines in sales."

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Home sales show steady upward climb

Home sales beat the year-ago mark for the sixth straight month in February, with a total of 5,032 new and resale houses and condos closing escrow in the nine-county Bay Area last month.

The number was essentially unchanged from 5,050 in January but up 26.1 percent from 3,989 in February 2008, according to San Diego-based MDA DataQuick.

In Santa Clara County 1,079 homes were sold, compared to 984 in February 2008. The median price was $408,750, down 37.90 percent.

In San Mateo County there were 311 homes sold, down from the 343 a year ago. The median price was $502,250, down 22.30 percent.

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Three Ways to Look at Days On Market

It’s not uncommon to hear the media in their bad-real-estate-news reports to say, “Average Days on Market is climbing to new record highs.” Unfortunately, tracking “average” anything in the real estate market can be fraught with danger. What home is average? Are there other ways? Let’s explore.

1. Average (Mean) Days on Market VS.

2. Median Days on Market

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February home sales in Santa Clara County up 35%

The Santa Clara County housing market is rebounding as low interest rates and more affordable home prices motivate more shoppers.

The number of homes sold in the county in February stood at 764 -- 581 single family homes and 183 condos -- a 35 percent increase over a year earlier when the number was 565, according to data released by MLSListings Inc.

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Housing Inventory Snapshot - February 2009

Click Here To Download A Free Copy of "Housing Inventory Snapshot" For The Month of February. This report shows a break down of Average List Price, Median List Price, and Average Days on Market. This report covers Santa Clara County and San Mateo County both Single Family Homes and Condo/Townhome. It further breaks down under and over $1 Million for Single Family Homes and under and over $600,000 for Condo/Townhome. Furthermore, it contains average national mortgage rate.