It's not only difficult for FHA Buyers to find a property and get an offer accepted but....they pay more. That's right, the folks who can probably least afford it have to pay more to get a home.
Here are some stats I pulled today that will back up that statement.
During the period 1 October to 17 November 2009 there were 162 single family homes that sold in the Neighborhoods of Poinciana Villages. 30 of these were purchased using FHA financing.
***Check out this little chart:
Beds |
Baths |
Sq Ft |
List Price |
Sold Price |
Price/Sq Ft |
LP/SP |
||
FHA |
3 |
2 |
1821 |
$76,280 |
$78,880 |
$43.73 |
104% |
|
Others |
3 |
2 |
1847 |
$70,267 |
$70,404 |
$38.63 |
101% |
|
Difference |
NA |
NA |
(26) |
$ 6,013 |
$ 8,476 |
$ 5.10 |
3% |
***Data pulled from the Mid_Florida Regional MLS on 11/17/2009 and is deemed to be reliable.
So what do you think about that? FHA Buyers are getting less house and paying 11% more. Even if you take out the 6% in closing costs assistance FHA Buyers are still paying 5% more....for less house.
Should FHA Buyers be treated like second class citizens? I don't think so. Maybe Sellers Lenders should have more incentive to help these folks get a home without having to pay more than others. OR...maybe Buyers need to save more money before getting into the housing market.
What say you?
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Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
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