A report from the National Association of Realtors showed sales of existing homes rose 2.7% from October to November to an annual rate of 6.94 million homes. This was a 13.2% increase from November 2003. This report comes after two other reports revealed November new home starts and sales decreased 13% and 12% respectively.
As reports of this nature continue to be released, and appear to be conflicting, the general consensus among experts is to "Proceed with Caution." As you shop for that perfect home keep in mind how long you plan to live there, and whether your home will appreciate enough in that time to cover selling expenses, and provide you with equity to roll over into your next home. The last thing you want is to buy a home at the top of the market and be forced to sell at a loss.
The following are links to related articles:
CnnFn - Existing Homes Sales Up
CBS Market Watch - Mortgage Rates Rise
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