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THE FEDS LOWER INTERESTS RATES BUT WILL IT HELP SEDONA?

IN THE SEDONA MARKET WE ARE STILL IN TROUBLE AND WE ARE IN A MAJOR MAJOR BUYER'S MARKET. I HAD ONE CLIENT ASK ME IF THE FEDS RECENTLY LOWERING THE INTEREST RATES THIS PAST WEEK WILL HELP OUR MARKET AT ALL? THE FEDS LOWERING THE INTEREST RATES REALLY HASN'T EFFECTED THE HOME BUYING INTEREST RATES. SEDONA NEEDS HELP IIN THE JUMBO LOAN MARKET. SINCE SEDONA HAS AN AVERAGE PRICE POINT OF $510,000 PER HOME.THE FHA LOAN IS AT A CUT OFF POINT OF APPROX $390,000. SO ANYONE COMING INTO THE MARKET ABOVE THAT PRICE POINT (IN ORDER TO QUALIFY FOR AN FHA) WOULD HAVE TO BRING A SUBSTANTIAL AMOUNT OF MONEY TO THE TABLE. NOW GRANTED A BUYER COULD FINANCE AN AVG SEDONA HOME PRICE WITH A DOWNPAYMENT, A FIRST MORTGAGE AND A HELOC - BUT WITH TIGHTER LENDING PRACTICES - THEY JUST DON'T CUT IT. THAT MEANS THAT UNLESS OUR BUYER'S COME IN WITH A CASH COW... OR A RICH UNCLE DIEING, OR SELLING THEIR OWN HOME SOMEWHERE ELSE TO BUY ONE OF OURS - THE SEDONA INVENTORY CONTINUES TO GROW, AND GROW AND GROW... WHICH MEANS BUYER'S CAN HAND PICK A HOME. GREAT TIME TO BUY. GREAT TIME TO BUY! GREAT TIME TO BUY! CALL OR EMAIL ME WITH ANY MORE QUESTIONS. 800-975-5943... WWW.BARBARABAKER.COM OR BARBARA@BARBARABAKER.COM
Posted Thursday May 01