Pending home sales up a second straight month

The National Association of Realtors says that pending sales indicators are showing upward movement for the second straight month. This is a forward-looking indicator – showing what is about to happen in the market, rather than recording what happened over the last 30 days, as do most statistics.

The Chief Economist for the NAR sees this as a positive sign. “Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market,” he said. “However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence.”

For more information on the Pending Sales Report, go to Realtor.org.

Boston real estate update: National real estate market rises

Boston’s real estate market, along with the rest of the country has seen a lot of positive growth over the first quarter of this year. According to the National Association of Realtors, sales increased from a year ago in 44 states and the District of Columbia; 31 states and D.C. saw double-digit gains while two were unchanged and four were down. National Association of Realtors President, Vicki Cox Golder, said there’s been a change in market psychology. “Buyer confidence is back, and home buyers have long-term views. The typical buyer plans to stay in their home for 10 years, so we’ve put the flipping mentality behind us and most people see housing for what it is – shelter that provides social benefits and is also a good long-term investment,” Golder said.

To read the full story, go to NAR.com.

For more information on Boston real estate sales, go to Gibson Sotheby's International Realty, Boston's real estate experts.

From Boston real estate to the National Picture

(SAN DIEGO, CA) -- Within two weeks of Congress passing an extension and expansion of the home buyer tax credit program through mid-2010, the feeling of renewed optimism and energy was in the air at the annual National Association of Realtors convention in San Diego this past weekend.

At a scheduled press conference, NAR introduced Vicki Cox-Golder as their new incoming President for 2010.

Ms. Golder stated in her press conference that her goals in 2010 primarily included, "Providing more liquidity to the real estate marketplace, get kinks out of the appraisal process, reduce restrictions on lending and further encourage our Realtors to really know their local markets."

NAR's senior economist Lawrence Yun also held a separate press conference and released some telling numbers and market predictions for 2010 that included; sales activity continuing to rise by as much as 15% in 2010, the reduction in inventory to just a 6-7 month national supply, and housing prices stabilizing and even showing a modest 3% to 5% appreciation by the end of 2010.

But Yun did admit that there are some issues that remain in 2010 that include increased foreclosures through mid-2010 and continued rising unemployment.

He further commented, "The fear factor that many consumers had in 2009 when it came to buying a home will be replaced by rational decision making and market data in 2010".

Other real estate market predictions made by Lawrence Yun for 2010 included;


* Estimated that over 2.2M families will take advantage of the home buyer tax credit program.

* 5.7M annualized sales rate of existing home sales, up from 5M in 2009.

* 550,000 new home sales, up from 400,000 in 2009.

* Over 3M homes in foreclosure in 2010 and an additional 3M homes in foreclosure in 2011.

* More international buyers enter the market in 2010 due to favorable exchange rates against the US dollar.


When asked, "what keeps you up at night for 2010", Yun replied "Inflation". "When inflation goes up, so does interest rates!"

Find the complete article on http://www.realestatechannel.com

Regional market surge helps Boston homes for sale

A recent RIS Media article documented the third quarter market improvements around the country – including the Northeast, where existing-home sales were up 16.7%. That is 6.9% over a year ago. One possible reason for the improvement is the First Time Homebuyer Tax Credit. The National Association of Realtors Chief Economist, Lawrence Yun, thinks a significant portion of the success is due to the tax credit. More than fiscally motivating, the credit has had an impact on the consumer confidence.

The Boston condo market was sited as one of the higher valued markets.

To read the full story, go to rismedia.com.

For more information on Boston homes for sale, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Spotlight on Boston real estate: Pending home sales up over last year

There was some good news this week. The National Association of Realtors has indicated that March’s pending home sales were up 3.2% over February. But, even better, that number was also up 1.6% over March 2008. Year-over-year improvements are welcome news to sellers and it seems to be continuing. Open house attendance has risen in Boston.

To read more of the story, go to cnn.com.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Boston real estate continues to out perform other markets

While the recent economic volatility has softened many real estate markets around the U.S., Boston continues to see some growth. The National Association of Realtor’s Chief Economist, Lawrence Yun, indicated in an article on realtor.org that several markets have remained stronger than the national average, including select areas of California and Florida, as well as Boston, Minneapolis, and Denver.

For more information on the Boston real estate market, go to Gibson Sotheby's International Realty, Boston's real estate experts.

Survey Findings Contradict Media Perceptions in the Marketplace

New York, N.Y. — Despite media reports to the contrary, real estate is still considered a sound investment and affluent consumers are confident both in the current housing market and that the value of their home has remained constant, according to a consumer research study undertaken by Architectural Digest with Sotheby's International Realty Affiliates LLC. In the newly commissioned survey, "Seeking an Extraordinary Lifestyle," 85% of respondents agreed with the statement, "I think real estate continues to be one of the better investments a person can make." The study further revealed:

• 72% of respondents believe their primary home value has remained constant or increased in value over the last 12 months (46% remained constant; 26% increased).


• Nearly two-thirds of respondents report that current conditions have "no effect" on their likelihood to sell their primary home (63%).


• In the coming year, 79% believe the value of their primary home will continue to remain constant or increase (55% remain constant; 24% will increase).


• In the next year, more than half (54%) of the million-dollar homeowners plan to buy, sell, build or invest in a new home.


• 69% of million-dollar homeowners agree that now is a good time to add to one's real estate holdings.


• 71% agree, "Over time, nothing beats real estate for building one's personal wealth."

The respondents feel that the media plays a role in the perception of the current real estate market conditions:

• Half (50%) of respondents think the media exaggerates conditions to make the market seem worse than it is.

"This study confirms that even in a downturn economy, our readers are what we call 'recession- proof'," said Giulio Capua, vice president and publisher of Architectural Digest. "They continue to spend money on real estate and other luxury goods and services."

According to Michael R. Good, president and chief executive officer, Sotheby's International Realty Affiliates LLC, the study proves that real estate continues to be seen as a valuable investment opportunity, especially among consumers in the luxury market.

"This study validates the assertion that real estate is one of the best long-term investments a person can make, regardless of current market conditions. Affluent consumers know that real estate plays a key role in their long-term strategy to increase personal wealth," said Good. "And among those consumers seeking to add to their real estate portfolio, the top criteria for choosing a property are location, price, amenities and home features."

Research Methodology

Beta Research Corporation conducted a geo-specific mail survey to 3,500 Architectural Digest subscribers with a household income of $100,000+ and a home valued at $1,000,000+ on behalf of Condé Nast Publications in the following designated market areas: New York, Los Angeles, Chicago, San Francisco/Oakland/San Jose, Boston, Atlanta, Miami/Ft. Lauderdale, San Diego, Denver and Detroit. The survey was conducted between February 19 and March 14, 2008. There were 510 respondents.

About Architectural Digest

Architectural Digest is the world's definitive design magazine, reaching an audience of over 4 million readers each month. The magazine features the work of world-class authors and photographers and regularly presents a "first look" at the homes of leaders in the fields of entertainment, fashion, business, society and the arts. For more information, visit www.architecturaldigest.com