West Savage inventory is sitting at spring norms, and includes two seldom-available blufftop homes on the north side of McColl Drive. While May was an unusually slow month in terms of showing activity (attributed to buyers writing purchase agreements to meet the expiration of the tax credit deadline on April 30th) the good news is that June showings are picking up. We hope to see this continue into the fall. The seven pending transactions in the past 45 days are testament to the recent activity.
West Savage prices are still soft, and we are often seeing that what is lost on the sale is gained on the purchase. $450K and above has become the new "upper bracket". Patience in this market is critical, as most buyers look at everything before making a decision. One client just said to us "We went from 0 to 60 in a second". Lesson to be taken: One never knows when the buyer is going to show up with an offer. It could happen today. It could happen tomorrow.
Nationally, more changes are coming down the pike from Fannie Mae. These changes are yet unknown and to-be released. The changes to our financing programs are ongoing and showing no signs of slowing down. Yet, interest rates are highly attractive, making the decision to buy a lot easier for some.