Hi All,
I can finally say that our low to moderately priced single-family home market is really moving around here now. The Bradenton Herald from this morning said sales are up and prices are up a little. Actually, I'm seeing the increase in sales but not the increase in pricing yet. In fact, we are still having a terrible time with getting home sales to appraise for the new financing. In other words, buyers are willing to pay more for houses in this market than the market seems to think the homes are worth. It seems to me this is kind of what got us into trouble the first time around so I think it's good that the appraisers are being very careful about appraised values.
Condo sales continue to be slower and pricing continues to go down in this market.
There are some important changes coming down the pike on FHA mortgages, including a higher FHA insurance premium upfront and not as much being allowed for seller contribution (was 6%, now proposed to be only 3%). So, if you are planning on buying a home anytime soon with an FHA Mortgage, now would be the time!
More later ...
Alice Ohme
Wagner Realty
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