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It’s official - the low end is hot!Wednesday, March 26th, 2008 by Jackie Walters |
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The last time I ran the market data regarding the number of months of inventory available, (approx. September, 2007), the $0-1 million price range had 10.9 months of inventory.
Data used: 164 active listings; 38 went pending in the past 30 days. This is for Goleta through Carpinteria houses only, no PUDs or condos. Buy ahead of the market. You will be glad you did. This is a market full of opportunity. The “bell” is going off in this market segment! For sellers, the news is also good, this means more buyers are buying, fewer days on market, even the potential for multiple offers. | ||
Tags: Buying, Selling, statistics
Agent: Jacqueline Walters
May 28th, 2008 at 7:40 am
I agree with your assessment of the low end! Unfortunately, there is a misconception about the cash needed (down payment) for this segment of our market. Most agents believe buyers need a minimum of 10 to 15% cash. This of course is a result of the recent reports that we are all seeing in the media.
Here’s the good news… FHA has a program where they will fund a 97% new 1st mortgage and the Buyer can utilize a 3% grant from a non-profit corporation!! This is truly good news for our real estate market but its somewhat of an unknown fact.
Some agents have replied to this idea: “Hey Ken, it’s this type of financing which got us into our current mess”. This isn’t actually true. This 97% 1st with the 3% grant has been around for a long time. Also, this package requires full income/asset documentation. Our current “mortgage mess” was a result of an 80/20-loan package with stated income/stated asset loan processing. Therefore, the current FHA 97% loan program with it’s full income documentation is very much different than the stated income loans which were prevalent just as recent as last summer.
Ken Doss - Chase Bank