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Pending house sales improved further in December 2010, marking the fifth gain in the past six months, according to the National Association of REALTORS. The Pending Home Sales Index, a forward-looking indicator, increased 2.0% to 93.7 based on contracts signed in December from a downwardly revised 91.9 in November. The index is 4.2% below the 97.8 mark in December 2009.
The data reflects contracts and not closings, which usually occur with a lag time of one or two months. Lawrence Yun, NAR chief economist, credits great affordability conditions and economic improvement. Modest gains within the labor marketplace and the improving economy are creating a more favorable backdrop for buyers, permitting them to take advantage of superb housing affordability conditions. Mortgage rates ought to rise only modestly in the months ahead, so well continue to see a favorable environment for buyers with good credit, he said.
In the past two years, home buyers have been extremely successful,...
The last of the paperwork has been filed away keys the are finally in hand. Congratulations on joining the ranks of home buyers who've taken advantage of today's opportunistic real estate market.
But closing on your new San Diego home is just the first step toward reaching your long-term financial goals. As a member of the Top 5 in Real Estate Network®, I advise my clients on financial matters and so they can best protect their new investment.
Here are five smart financial tips for after the close of escrow:
1. Don't splurge. It is tempting to decorate each room in your new home to the nines. I know, as I recently closed escrow on my own home here in San Diego, but be careful. Spending too much on furnishings and improvements is a lot easier to do than you may imagine. Take your time to figure out what it is that you really need. Remember, there are many new expenses that you will have with your new home. Make sure you can handle them before investing more into the...