In the Fayetteville, NC market report, Jan 2010 through Sept. 2010 there were a total of 4275 homes that have sold so far! 2507 (or 58.64%) of the homes sold using VA loans, 608 (or 14.22%) homes sold using Conventional loans, 562 (or 13.15%) homes sold using FHA loans, and 550 (or 12.87%) homes sold using Cash. There were 27 homes (or .63%) homes sold using Other loans, and this can include FHA 203K and USDA home loans and 11 (or .26%) homes sold using the FMHA financing.
This is something to keep in mind when placing your home for sale. Will your home qualify for a VA home loan? In the Fayetteville, NC market this is the majority of the home buyers so you need to make sure it's ready for a VA appraiser.
As a buyer, its important to know what type of loan you are going to use so you will want to look at homes that you will be able to purchase. For instance in the Fayetteville, NC market, if you are going to use a VA loan, a foreclosure home might not work for you because of the work needed to bring it up to VA guidelines. Your agent would be able to guide you to help determine if a home would be eligible or not.
Shawna Green agent with Keller Williams Realty Shawnag@kw.com