Lawrence Yun is the Chief Economist at the National Association of REALTORS®. He oversees the Research group at NAR and drives the research activity that leads to NAR's Existing Home Sales statistics, Affordability Index, and Home Buyers and Sellers Profile Report. He also regularly provides commentary on real estate market trends for its 1.6 million realtor members.
The three red bars above indicate the Resistance Point. This is a technical term that Wall Street players use. Historically, rates hit the wall and generally retreat.
Lawrence Yun: "The market has completely shifted this year, and the reason is very simple. The number of potential buyers who are able to get a mortgage is shrinking with rising mortgage rates."
NAR released new data this morning. Pending contracts (the early indicator for closing activity) are at the same level we saw in 2010, on a monthly basis.
LY: "Every morning I look at the U.S. 10-year treasury yield."
LY: "We think that home prices will be stable and not crash. You need to show this chart to your clients. This shows the total inventory in the marketplace."
Dr. Yun says this is another indicator that the market is on very healthy ground.
Short sale is when you sell a home, so you receive the dollars, but you cannot pay off the mortgage because the mortgage balance is higher than the price.
As an agent, what should I do now?
LY: "You'll want to contact your clients from the last two years. After purchasing with you, they saw their home values rise, so that's wealth gain and they're quite content. You want to associate that happiness with you. Just by contacting them, they will quickly be reminded of this. In the future, they'll recommend you to friends or business colleagues because they are in a happy mood."
LY: "What people say and what they do does not necessarily match up, which means that if the time is right, home-buyers may want to strike a deal. Always be ready."
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