Monday, September 26, 2011

New Home Sales fell in August for the 4th month

According to AZCentral article published today-- .

 New homes sales are falling for the 4th month in a row.  This could be good for the buyer!  Picking up a new build for just about as much as a re-sale home! 

As new homes are falling right now, I'm driving around the South East Valley one would ask, "Do the builders know something we don't?"

Well, I woud say yes, they know that right now there is only about 2-3 months worth of a supply of re-sale homes in inventory.  Compare that to the same time last year we had a whopping 9-12 months supply.  Builders are getting permits again from the county, trying to be ready when the resale market turns. 
That is something you don't hear much of- but the facts are- if you are thinking of purchasing a foreclosed home, then understand you are not alone.  there are many people trying to get in on the 'good deal'. Many times folks have found themselves in multi-offer situations on homes/condos from $20,000-250,000.

Now the good news is interest rates are still low, and if you are buying your primary residence (meaning the only home you will own) then you will only need to have 3.5% down for FHA and  up to 20% down for conventional loans.  In many cases the sellers are still willing to give concessions for the closing costs. That can ease your amount of cash to come up with. 

If you are still interested in seeing what is actively for sale within Phoenix metro; 

Click Here--  go to the MAP SEARCH link and you will be searching the MLS just like an agent- no third party! 

As always, let me know if you have any questions! 

Take care,

Elaine Beery
United Broker's Group