Realtors expect housing jump

Weichert Realtors owner Carolyn Spence likes a sudden surge in real estate sales. But it’s starting to interfere with her Christmas.

 Spence estimates between 40 to 45 houses are normally sold in Clovis monthly. She says if the most recent trend continues, home sales in Clovis could hit double that average.

The reasons, she believes, are a combination of an increase in the base allowance for housing and reduced interest rates.

“It’s like, suddenly we are trying to get ready for Christmas but we are having to deal with offers and negotiations ... So something’s happening,” she said.

The Department of Defense increased the average monthly stipends military personnel receive for housing, according to a DOD press release.

At Cannon, allowances jumped 9.7 percent to 11 percent -- several percentage points more than the average 6.9 percent increase overall, according to calculations on the Department Web site.

The increases takes effect Jan. 1, 2009.

Spence also said the VA rate on housing loans has dropped to about 5.5 percent in the last month.

“I think it’s going to enable more people to afford a house and enable some people to buy a more expensive home,” said Skip Overdier, managing broker of Coldwell Banker Colonial Real Estate.

Katharine Fly, a real estate agent with Weichert Realtors, said four of the eight offers she’s received are from base personnel.

“The last two weeks have been really busy ... I made three offers in the last four days. It's been kind of crazy,” she said.