August 2008 Stats…

September 11, 2008 on 10:28 am | In Home Buyer, Home Seller, Statistics | No Comments

The August figures came in where I thought they would, except for the listings under contract, which fell to 878 from 960. I think September will be much lower for Units Sold than in the month of August. Interest rates are moving back below 6% as of this writing. If this is to continue it will help many qualified buyers make that step to home ownership. But I still have that gut feeling that started after I posted my last Blog that things were slowing. I am not seeing the showings on my listings and I think it is partially because of the eligible buyer pool starting to dry up because of some of the changes scheduled for October 1st. Sellers will no longer be able to assist buyers with down payment or closing costs on FHA loans and it is getting harder to qualify on a Conventional loan. The Median Sales price took a big drop as fewer homes and high priced homes sold. This also held true for the Average Sales Price which also dropped to a six month low. This was very much affected by the fewer Million Dollar homes selling. Also fewer of the more expensive home sold last month. Here are the Stats.

March
2008		 April
2008		 May
2008		 June
2008		 July
2008		 August
2008
Average Sales Price
$259,120
$253,729
$250,803
$257,449
$254,854
$238,504
Median Sales Price
$200,000
$195,000
$201,000
$200,000
$199,900
$185,000
Total Units Sold
900
973
1025
1034
945
903
Active Listings
9022
8808
8527
8140
7876
7763
Days On Market
75
78
77
78
78
77
Listings Under Contract
1410
1547
1485
951
960
878

There is Bond money still available with up to 7% available for down payment and closing costs on an FHA loan. Call me for information. On October 1st, FHA the down payment goes to 3.5% which is slight increase and the Mortgage Insurance Premium (MIP) will be based on FICO credit scores. More and more, Government loans are being used today as compared to six months or more ago. Lenders are getting tighter and tighter with Conventional loans. Some are having a tough time getting Private Mortgage Insurance  (PMI) for the loans which can delay or halt your escrow. Right now it looks like the safe bet for a loan is FHA or VA if you qualify.

Call me if I can help you at 520-240-7130

July 2008 Stats…

August 12, 2008 on 12:36 pm | In Home Buyer, Home Seller, Statistics | No Comments

I think the biggest factor about the July statistics is the fact that the Total Units Sold did go down to 945 as I predicted. The August number should be close to the July number. The number of active listings went down and that is a good thing for sellers as there are fewer homes on the market. New sales have gone down some which is good for the resale. The Builders are still offering incentives of some sort. All the other July stats are very close to last months. I do expect the month of August will be flat but expect sales to pick up in September and October.

February
2008		 March
2008		 April
2008		 May
2008		 June
2008		 July
2008
Average Sales Price
$262,155
$259,120
$253,729
$250,803
$257,449
$254,854
Median Sales Price
$199,900
$200,000
$195,000
$201,000
$200,000
$199,900
Total Units Sold
710
900
973
1025
1034
945
Active Listings
9168
9022
8808
8527
8140
7876
Days On Market
81
75
78
77
78
78
Listings Under Contract
1317
1410
1547
1485
951
960

The Housing and Economic Recovery Act of 2008 offers some hope for some of the owners who are in financial arrears to refinance   into a new FHA loan at 90% of the new appraised value if the owners lender will allow it to happen. In a sense it is a short loan process that could save the home owner and possibly save the lender much more of a loss if it went to a foreclosure. You can Google the act and get much more information. There are some good things for new buyers in the Act also. Unless the law is changed the seller will not be able to help the buyer with the down payment as of October 1, 2008. There is a Bill in the House trying to change this. You can still get help from Family members if it is available. FHA down payment goes to 3.5% on October 1st.
 
Lenders are getting tighter and tighter on doing loans. You need a good FICO score, good income and the all important down payment.
 
If I can help you call me on my cell phone at 240-7130.

June 2008 Statistics

July 14, 2008 on 3:02 pm | In Home Buyer, Home Seller, Statistics | No Comments

I was not far off in my projections as you can see by the new June numbers. The Active inventory has come down by almost 400 homes which is a great thing. We did have a few more sales that I did not think would happen so that is great. The listings under contract came down by over 500 and this I am certain will bring down the number of Sold properties for July.

January
2008		 February
2008		 March
2008		 April
2008		 May
2008		 June
2008
Average Sales Price
$266,450
$262,155
$259,120
$253,729
$250,803
$257,449
Median Sales Price
$203,500
$199,900
$200,000
$195,000
$201,000
$200,000
Total Units Sold
594
710
900
973
1025
1034
Active Listings
9168
9168
9022
8808
8527
8140
Days On Market
83
81
75
78
77
78
Listings Under Contract
1079
1317
1410
1547
1485
951

The House and the Senate are in the process of working out the Short Sale type FHA package. It still could get Vetoed by the President if some of the things the Senate added are not compromised on. We really need this Bill passed.

A major bank was taken over by the Federal Reserve and Fannie Mae and Freddie Mac are getting Federal Assistance that will require Congressional Approval. I hope they will finally act for our best interest and not their political interest.

Slow down and save Gas!! Call me at 240-7130 if I can help you.

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