Today’s Welcome Home Wednesday neighborhood is Parkway Place. The Parkway Place community of homes were constructed in the early 2000’s and are located off of 24th Street & Avenue C. The average square footage for this community is 2200 square ft. per home, and currently you can find 5 homes for sale in Parkway Place, with an average sales price of $237,000. Within the last 6 months, a total of 4 homes have sold with an average selling price of $224,500.
Because we are beginning to see an increase in both home sales, and pricing, along with a decrease in inventory for the buyer, home sales have begun to reflect higher price for the buyer. This brings us to an average sales price increase of more than 5% from those homes that have sold in Parkway Place over the last 6 months.
So, what would a mortgage be for a home loan of $237,000? According to the Team at Guild Mortgage, located 2755 South 4th Avenue Suite #104, Ph # 928-343-7995, a mortgage for someone with a 700 FICO score, on a 30 year loan, with a 15 day lock-in, your payment for a Conventional Loan with 5% down payment, would be $1,617.64 and includes you payment, insurance, taxes and PMI.
If you financed the same amount with a FHA Loan, with 3.5% down payment, your payment would be $1,659.57 and includes you payment, insurance, taxes and PMI.
If you were to finance the home with a VA Loan, you would have 0% down and your payment would be $1,448.46 and includes you payment, insurance, taxes and PMI.
Feel free to reach out to us, and we will be more than happy to help get you qualified for a loan, take you shopping for a home, then negotiate a price to Welcome you Home! All of us here at Welcome Home Yuma Realty want to help make you a more informed buyer in the Real Estate market. Give us a call (928) 247-9166, we’ll help you get things moving. Welcome Home Yuma!
Next week, we will do this again, on Welcome Home Wednesday.