Spokane ~ Can I Get a Mortgage??
Residential Site Built and Condos in
Active 3795 Average List Price = $310,934 DOM = 103
Under Contract 417
Sold October 1 October 20th 240 or 12 per day
Lets Talk Solds!
Sold List Price = $211,801
Sold Sales Price = $207,317
DOM = 85
Active Inventory # Active Homes #Solds in 2008 Avg SP DOM
$300,000 - $400,000 519 435 $341,856 78
$400,000 - $500,000 324 173 $443,738 80
$500,000 - $600,000 182 69 $548,048 77
$600,000 - $700,000 94 46 $643,906 80
$700,000 - $1,000,000 123 27 $780,118 80
| Who is the winner in today's economic times? |
| The First Time Buyer -- They are buying homes today that don't have inflated equity. They don't have to wait for their home to sell. They have sellers willing to pay their closing costs and buy-down already good interest rates. They are in the first "Buyers" Market in nearly 8 years. They have the largest selection of homes in 15 years. The current down turn in pricing will allow them to buy homes in neighborhoods that were out of reach 2 years ago. They can get that extra bedroom or bath or garage. They can still buy a home with 3% down, a job, and reasonable (not perfect) credit through FHA. FHA loan limits are the Highest ever $271,050. If rates go dramatically lower, FHA has a streamlined refinance program that doesn't require re-qualification of the buyer. If they buy before July 2009 they are eligible for a $7500 tax credit. If they buy before Dec. 31, 2008 they will get that back with their 2008 return. This is a life changing opportunity for these buyers. We need to carry the message and tell the world. If we get this entry level going, the rest of the market will move like dominos... (contributed by SAR Affiliate Member, Don Walker of Horizon NW Morgage.) |
1.
LoriPosted February 19, 2009 3:57 PM
