Good news for sellers: Yes, homes are selling. In fact, more homes sold in the first quarter of this year than in Q1 last year (37 vs. 34). As of April 7, there were 13.8% more homes pending (under contract) than on that date last year (33 vs. 29). Pending condominium sales are up substantially: there was only one pending at the beginning of the year vs. ten condos in contract now.
Good news for buyers: House prices are low. On Bainbridge, the median home price has dropped 17.2% since March 31 of last year (see chart below). Condominium prices have not statistically dropped, but with only five condo sales on the books so far in 2009, not enough have sold to make a valid statistical model. The same is true with land, of which there have only been three sales this year with one pending at the time of this writing.
Good news for borrowers: Loans are available, and rates are great! If you have 20% to put down with good credit, loans for less than $417,000 are readily available at rates ranging from 4.75% to 5.4%. Jumbo loans (packaged for $417K to $700K, and from $700K to $1.5M) are also available at rates as low as the high 5s and low 6s; with down payment requirements ranging from 20% to 35%. Interest rates for jumbo loans will likely decrease over the next few months.
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2 comments:
Its really a good news for the buyers , sellers and the borrowers to take the advantage of the opportunity.
Boise real estate
If you will consider today's scenario then i would say the situation is bit different. Inventory turned low and the prices are not as compatible as it was earlier.
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