Venice Bits

Residential sales for July, 2009,  in Venice finished at  $21,871,655.  There were 131 contracts that closed.  The median price was $147,000, with an average sales price of $190,188.  64 were cash, 34 conventional loans, 9 FHA, 1 VA, 4 assumable and  19 other.

Residential sales for July, 2008, closed at $20,243,495.  There were 98 contracts that closed with a median price of $190,000, and an average sales price of $227,433.  41 were cash, 41 conventional loans, 3 FHA and 13 other.

The is very positive indicators for our real estate economy.  Inventory is diminishing, many buyers are off the fence,  increased FHA financing along with $8000 benefit to qualifying buyers. I can see myself the demand for properties under $200,000.  That is  an extremely active market. There are buyers calling me for those listings daily.   

As a buyer if fear of overpaying for property in these unstable times  remember:   

• Waiting for the right time can be expensive. Selling now may provide you the ability to upgrade to a home that you may not be able to afford in a recovered market.  
• Financing is fickle. Buyers  who were highly qualified last year can’t find financing this year because the credit market has tightened or their personal financial situation now makes them an undesirable borrower.
• Interest rates are headed up. If prices decline by another 10 percent but interest rates increase by 1 percentage point, the monthly payment will be the same.

Buyers are purchasing, don't miss the second boat.