As national mortgage records continue to benefit prospective home buyers by showing low rate averages, and sellers observe flagging inventory levels drive housing prices up further, Realtors may be seeing their schedules fill up quickly.
With increasingly better figures being reported in property data for residential sectors across the country, increases in confidence levels may be exhibited by consumers and real estate agents alike - in addition to home builders.
Within its National Association of Home Builders/Wells Fargo Housing Market Index for May, the organization of residential construction professionals announced overall sentiment of those in the market for newly-built single-family homes ticked up three points this month, moving a reading to 44. The recent improvement over April's reading of 41 marked considerable improvement in each of the index's three components: sales expectations, current sales conditions and prospective buyer traffic.
"Builders are noting an increased sense of urgency among potential buyers as a result of thinning inventories of homes for sale, continuing affordable mortgage rates and strengthening local economies," said Rick Judson, chairman of NAHB. "This is definitely an encouraging sign even amidst rising challenges with regard to the cost and availability of building materials, lots and labor."
The increase can be seen as a promising development for both Realtors and consumers, as a reading of 50 or more reportedly indicates that more construction professionals view current conditions as good, rather than poor.
Realtors gearing up for upcoming busy season
As the spring home buying season continues to afford consumers with opportunities for property purchases, real estate agents nationwide are ready for the onslaught expected during summer. At its most recent meeting in Washington D.C. the National Association of Realtors (NAR) announced it expects the coming months to show significant improvements in housing.
Gary Thomas, president of NAR, told the crowd of thousands their perseverance during the Great Recession is about to pay off, as the national housing market and overall economy are showing signs of ongoing bettering, and may be poised for a full recovery eventually.
"You earned your stripes by ensuring that the American dream of home ownership was not buried in the wake of the financial collapse," said Thomas. "Many of the 9,000 Realtors attending this week's meetings will meet with members of Congress and federal regulators to address real estate issues that are critical to the economic health of their communities.
Thomas added that the representatives will be advocating for the improvement of the safety and soundness of the Federal Housing Administration without financially harming the consumers it was established to help.