| June 7, 2004 |
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As interest rates begin to creep upward as summer draws near, many are scrambling to buy as soon as they can. That's good news for sellers, some of whom may be scurrying to get their houses on the market before interest rates head higher. The National Association of Realtors reports that April's sales activity was 15.1 percent above the 5.77-million unit pace in April 2003 and was just 0.6 percent shy of the all-time high of 6.68 million posted in September of last year. David Lereah, NAR's chief economist, had predicted May would finish strong, too. "Given the favorable economic backdrop and strong sales momentum, a big number was expected for April home sales and it's likely we'll see another big month in May," he said. "Part of what we're seeing now is 'fence-jumping' from people wanting to buy a home before interest rates move higher. Even with an additional rise in recent weeks, the good news is that mortgage interest rates now appear to be leveling-out in the 6.3 percent range." That fear appears to be playing out in parts of the country, including Texas. "Last month we saw a huge increase in home sales as many buyers rushed to purchase homes because of fears of rising interest rates," said Wylie, Texas, Realtor Marie Walton. For sellers, the push for buyers to act quickly may trigger the urgency to put your house on the market -- perhaps sooner than you originally planned. If you fall into that category, you'll want to make sure your house shows well in order to attract the best offers possible. Some of the things you should do include:
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