Courtesy of Barb Savoy-Pacella, ABR, CHMS, CEO ~ Keller Williams Arizona Realty
Start spreadin' the news! Nope, this isn't about New York, it's about Arizona.
FHA conforming loan rates are about to dramatically decrease. Currently, the maximum FHA conforming loan limit is $346,250. As of October 1st, the maximum FHA conforming loan limit will be reduced to $271,050.
What does this mean? This means that buyers looking in the price range between $272,000 and $346,000 who need to, or would like to, take advantage of requiring only 3.5% down payment, as opposed 10% or 20% with conventional financing need to buy NOW!
Buyers also need to know that Valley wide, in the price ranges between $272,000 and $346,000, we are in a seller's market with an average of 4.2 months of inventory (a balanced market would be considered 5.5 months of supply). Depending on the price and location of a home, buyers may need to be aggressive with their offers.
Traditionally, we think of July as being a slow time for real estate in Phoenix, but it may be time to change that mind set. Rick had an open house last weekend and said that he had steady traffic all day, but he started to feel a little overwhelmed when he had 8 families in the house at the same time.
Listings Pending Sales are still strong with a total of 12,483. That is an increase of 195 pending sales compared to last week. Listings that are active with contingencies account for an additional 7,801 properties.
Current Conditions in the Phoenix Market:
- There are 16,6711 single family detached listings, currently active in MLS. That is a decrease of 310 listings from last week. This represents the twenty-fourth consecutive week of decrease.
- There are 20,928 total listings currently active in MLS, which includes condos, patio homes, townhomes, and lofts.
For additional information regarding the Phoenix housing market, or to view homes for sale, visit our web site at www.PacellaGroup.com
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