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I've been askin around about housing prices, sell rate, and really reseaching on my quest to one day own my own small piece of america... Right now home sales are down, way down and people aren't getting anything close to what they able to get like a year ago or somethin... A year or 2 back homes were sky high on Long Island, now they are still very very high, but they are down quite a bit. I also heard that if you don't have like credit in the 700's at least, its very difficult for you to get a mortgage or loan... Now is defenatly a good time to buy if you can, just wish I had an extra $75,000 lyin around. But even with the down payment and the $300,000 mortagage, I"d be foreclosing rather quickly lol.....
I've been askin around about housing prices, sell rate, and really reseaching on my quest to one day own my own small piece of america... Right now home sales are down, way down and people aren't getting anything close to what they able to get like a year ago or somethin... A year or 2 back homes were sky high on Long Island, now they are still very very high, but they are down quite a bit. I also heard that if you don't have like credit in the 700's at least, its very difficult for you to get a mortgage or loan... Now is defenatly a good time to buy if you can, just wish I had an extra $75,000 lyin around. But even with the down payment and the $300,000 mortagage, I"d be foreclosing rather quickly lol.....
Just to add some statistics here, in the Town of Huntington area there were a little over 2,100 homes on the market in August and only 149 closed. That is a lot of inventory. New homes continue to come on the market and as supply and demand always does, this brings the prices down. Of course the prices had increased way above historical norms. And yet there are buyers out there! They're just shopping a little longer and bargain more! Definitely a buyer's market...
As far as credit is concerned, if you qualify for an FHA mortgage, your credit score is not as important asa with a conventional mortgage, nor is the amount of the down payment; what is important, is your ability to make the payments on an ongoing basis. Underwriting of the loan(s) has tightened severely. The result? If you can't afford a home, you can't buy it. No more borrowing in anticipation of refinancing to "keep you going"...
You may have seen some of my earlier posts discussing "absorbtion rate" which is an indication of how many homes are sold compared to how many are on the market. In Elke's example you have an absorbtion rate of .149 meaning that it would take 14.9 months to sell all of the available inventory. This is a very telling statistic to look at for any area.
We went to 7 open houses yesterday. We only ran into one other couple at 1 house (the nicest one that we saw), and noticed very few names on the sign in sheets. One house we looked at just before the open house ended only had 3 names on the list. One realtor said it was slow because it was such a nice day out.
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Home sales
