Average Sales Price was $266,000 and the average Square footage was 2286.
The Average dollar per SqFt = $ 116.36
The lower dollar per sq foot can be attributed to the amount of short sale/foreclosures that occurred. There were three closings and two were short sales.
What is a short sale? Visit my website to get information
Thursday, March 27, 2008
Tuesday, March 18, 2008
Only stellar buyer's need apply
Bankers and Lenders are rapidly changing their loan requirements as home prices fall and delinquencies on loans set it. To adjust their standards, lenders are increasing applicants credit scores, offering smaller loans and are requiring proof of assets and liabilities.
Long gone are those 100% finance stated income loans.In early 2007, a credit score in the low 600s was enough to get a mortgage. Today anything under 680 is a considered an area of concern from a lender's point of view.
In addition, many lenders are requiring that homeowners put down 20% as a down payment. What does this do for prospective homeowners? Make sure you pay your bills on time. I had a client who forgot to pay her home depot bill one month and it sure enough was sent to collections. Two weeks before her loan was suppose to close. The lender did a final credit check and sure enough the home depot delinquency came up. The lender changed her interest rate. The bill was accidentally forgotten about becuase her son had gotten into a car accident that month and she forgot to pay it. A very innocent mistake that costs her money.
Long gone are those 100% finance stated income loans.In early 2007, a credit score in the low 600s was enough to get a mortgage. Today anything under 680 is a considered an area of concern from a lender's point of view.
In addition, many lenders are requiring that homeowners put down 20% as a down payment. What does this do for prospective homeowners? Make sure you pay your bills on time. I had a client who forgot to pay her home depot bill one month and it sure enough was sent to collections. Two weeks before her loan was suppose to close. The lender did a final credit check and sure enough the home depot delinquency came up. The lender changed her interest rate. The bill was accidentally forgotten about becuase her son had gotten into a car accident that month and she forgot to pay it. A very innocent mistake that costs her money.
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