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Home sales have increased overall, but sales of new homes nationwide dropped last month. One big reason is selection and availability. We're seeing builders move from selling completed homes or partially finished ones to a business model of doing more build-to-order properties. With the end of the year coming and the end of the first-time buyers credit with it, buyers cannot capitalize on the perks of buying now if there is no new house to buy.
A good example locally would be Renton, which has for years been one of the fastest growing cities for new housing starts. A buyer could easily find 75-100 completed or near-completion homes to look at 2 years ago. Right now in Northern Renton, there are now only a handful of new, ready or near-ready to occupy homes available for sale. The lots sit empty, awaiting pre-sale buyers to claim them.
Quoted: Sales of single family homes fell 3.6 percent from August levels, and were down 7.8 percent from September of 2008, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development.
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seattle
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This is a very interesting loan product from BECU and has the potential of being one of the best 1st time mortgages for buyers that qualify.
It is called the "Helper" (HLPR) loan. Basically, it's aimed at 1st time buyers buying their first home, but it should also be useful for people who have already sold their homes and are looking for another.
There are income restrictions, credit restrictions and other guidelines, but this particular HLPR product (there are several others, see BECU's site) purports to have an ARM rate that is about 1% lower than the "going" rate. Based on my experience, their fees are also lower than most of the major banks.
This type of loan is great for someone that is looking at short-term ownership of a property. I spoke with several industry pros and they all believe that BECU is probably not making any money - perhaps even losing money - on this loan, but may be using it to bring borrowers into other BECU products that may be profitable.
BECU has had a reputation of being difficult to work with in the past and very slow to respond. It seems that now, though, they've cleaned up their act. They've got 24-hour mortgage reps and a lot of the process has been stream-lined and placed online. This loan is not for everyone, though, and it may not apply to every purchase. In particular, borrowers may have difficulty obtaining loans on new or conversion condos that are not FNMA approved. I spoke with several BECU reps and their answers were all over the board about this.
More info on the site.
1 FaverViewed: 31 Times - sudha - 20 days ago1 FaverViewed: 4 Times
- shiwani - 21 days ago1 FaverViewed: 3 Times
real estate
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Eco friendly homes that have been on the market for years. Very nice looking, close to Green Lake, but pricey at the original price of $725K to $825K.
The bank has foreclosed on the remaining, unsold units and they are now for sale again, for $399K to $649K. Their cost was high because of their high-level of built-green certification.
1 FaverViewed: 8 TimesQuoted: Almost all the construction waste was recycled. Some materials from the warehouse that previously occupied the site were reused. Many other construction materials came from local sources. The homes feature formaldehyde-free doors and millwork and on-demand hot water systems. Rain, captured in a 23,000-gallon underground cistern, provides all the water for irrigation. Fixtures and appliances use relatively little energy and water — Pryde Johnson actually prepared an owners' manual telling buyers how to use and maintain them.
- derek - Sep 07 20091 FaverViewed: 9 Times
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