Home sales increase thanks to positive economic news

According to the National Association of Realtors, home sales rose 5.5 percent in February 2017. That was 2.6 percent higher than February 2016. Warm weather and the prospect of increasing interest rates spurred residents of Illinois and other states to buy. Furthermore, a slight uptick in available homes for sale was another reason why there was an increased in signed sales contracts. Compared to last year, however, the number of homes available for sale was lower, which fueled an increase in home prices.

Other factors that caused more homes to be purchased included a rise in the stock market and steady levels of hiring by companies. However, there are some reasons to believe that the increased pace in home purchases won't last. Those looking for homes at the bottom of the market may find their options to be limited as starter homes receive multiple offers.

Homes are coming off of the market at their fastest pace in nearly 20 years. The Midwest saw the largest increase in sales from last year with a gain of 11.3 percent. In the West, sales were up 3.1 percent, which is roughly the same as last year. This was because home prices are increasing at the highest rate in that part of the country.

Those who are looking to buy residential property may wish to do so with the help of an attorney. Legal counsel may be able to help an individual read a purchase contract and understand the key terms. This may be especially beneficial for buyers who may be looking to flip the home as government-backed loans may restrict how and when that can happen.

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