Good Real Estate News on the front page of the paper
Filed Under General Real Estate, Loans, Lending & Credit · Tagged:
This weekend, on the front page of the Arizona Republic they actually shared positive news about the real estate market. The housing market, priced under $350,000 is seeing lots of recovery. We have a closer to normal supply of homes at just over 7 months. Over the $350,000 we still have a 17 month supply. My broker, Jim Sexton was interviewed for the article.
What is it about the magic number of $350?
Well the FHA home purchase amount in Maricopa county is about $355,000. An FHA loan allows someone to purchase a home with 3% down and their closing costs. If you ask the seller to contribute to your closing costs, and/or down payment assistance programs (available until October 1, 2008) a buyer can purchase with little or no money down.
Other conventional loans require 20% or more down payment. So you can see why FHA loans are popular, and why homes are selling quickly in the acceptable price range.
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