Homes Selling for $438,000 or Less Get a Boost!

Sabino Mountain has had a hard time selling the non-custom homes in the past few years, and prices have seriously declined in homes under $500,000 as a result. Effective June 1st, Fannie Mae and Freddie Mac will lower their downpayment requirements to 5%. Recently the minimum downpayment requirement for those with high credit scores, good employment history, etc, has been 10%. In the past quarter all the homes that have sold in Sabino Mountain have been higher-end custom homes. Last year many owners who had tried to sell their non-custom homes gave up, since even with serious reductions in price, they had no offers. This lower downpayment requirement should give a little boost to a difficult 2008 real estate sales market. If you would like me to refer you to an excellent mortgage consultant, give me a call at 918-2410.

This entry was posted on May 17, 2008 at 3:08 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.