at this time we have reached a 'soft' bottom to the market..
there are still additional foreclosures that will soon be trickling into the mix of available
inventory.. this will keep prices low for awhile before you will see an increase in value..
ti be clear on your question.. you are trying to sell your condo and want to know if
your buyer can purchase with an fha loan..?
it will depend on your board's requirements.. and loan to value stats..
also, your board has a debt to income ratio that must be met..
you are local to my area.
Coldwell Banker Residential
2008 125 homes sold, ave days on market 71, Ave sold price $435,000, % off list price 3.5%
2009 120 homes sold, ave days on market 73, ave sold price $$399,000, % off list price 4.2%
2010 98 homes sold, ave days on market 76.5, ave sold price $396,500, % off list price 3.7%
2011 90 homes sold, ave days on market 78, ave sold price $404,875, % off list price 3.75%
2012 through 05/02 17 homes sold, dom 87, ave sold price $440,000, % off list price 2.5%
I took these stats from the MLS, I hope they help.
Tom Brady SFR, e-PRO, SRES GREEN BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
During the month of March in 2012 (April's statistics are not out yet), housing inventory in Kings Park and the surrounding areas increased slightly from 1065 homes for sale from the month before to 1126 homes for sale in March. The were 74 homes sold and 124 homes sales pending, which is also an increase over February. So even though the supply increased, so did the demand. At the current rate, the area has a 9 months supply of homes for sale which usually indicates a declining market. However, many of the other areas on Long Island have more supply.
Houses are selling for about 4.7% less than asking price which is a more promising number than previous months. Based on the months of inventory, the amount of shadow inventory that banks have yet to get to market and the increased demand, the market in Kings Park shouldn't move up or down too much. Prices may move a couple of percentage points in one direction or another but not a major swing.
If interest rates increase much over the next year, that will impact your bottom line cost much more than the price of the home at this point. Housing has to decrease a full 10% just to make up for a 1% increase in mortgage rate for your average home on Long Island.
Good luck on your search or your sale, whichever it may be. As a Kings Park resident I know its a great place to live. If you would like more information, feel free to call me at 631-952-1177. My team would be happy to help you. Katy Cardinale, First National Realty, Inc.