McKinney, Texas (CaymanMama.com) — Although it may seem cliche to use the saying “get it while the getting is good”, never has it been more apparent than in the world of real estate. Home buyers should heed that saying as deeply discounted house prices are enticing more and more buyers to take the plunge since rates have never been so low and the inventory has never been so great.In a new report by the Associated Press, the sales of existing homes rose 3.1% in July in parts of the nation that were hardest hit by the housing slump. Although this comes as a silver lining to the dark cloud of real estate, still, the number of unsold properties marked an all-time high indicating to the public that the darkest days of the real estate depression are still in full force. Housing prices across the nation are no expected to hit their lowest rates until the early part of 2009.According to the report, “The National Association of Realtors reported Monday that sales rose to a seasonally adjusted annual rate of 5 million units, down from June’s downwardly revised rate of 4.85 million units. Sales had been expected to rise by only 1.6 percent, according to economists surveyed by Thomson/IFR.” An economic adviser told the Associated Press that although an upswing as been observed, the relief will not be quick but it is good that it has already begun.In addition, property sales are approximately 13% lower than they were one year ago and have dropped dramatically. The average price for a home sold in July dropped to $212,000, down by 7.1% from 2007. The states that saw the most eager buyers taking advantage of the low prices and high inventory were California, Florida and Nevada while Texas who was formerly a stable real estate location is seeing a sluggish trend emerge.
Although the public is responding to lower prices and taking advantage of the buyer’s market, there is still a great deal of uncertainty regarding the housing market’s future to mark a clear bottom. Even with that unclear forecast, real estate agents across the nation are continuing to invite the public to take a chance and do their part in helping the economy recover while the prices are low and the choices are large.