Tri-Cities, Kennewick, Pasco, Richland, West Richland Washington Real Estate. The Havre Team

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The Havre Team

The Real Estate Firm

(509) 783-8400

Fax: (509) 783-6934

Presented by: The Havre Team

June 2008 Market Data by Don

Tri-Cities	Listings	Pending Sales	Sales Month	Sales Yr to Date	Ave Sales Price	Median Sales Price	Average Days on Market
May 2008	1388	198	268	1139	$184,600	$161,800	107
May 2007	1363	303	334	1415	$189,700	$164,000	111

Our market continues to lag behind last year at this time of the year. We have approximately 20% fewer sales during 2008, as compared to sales from Jan-May 2007. Our total inventory of homes available for sale continues to be about the same and our days on the market are similar as well. The major change is that our market seems to be much softer above $325,000. Builders who have built “spec homes” in this range maybe starting to feel the pinch of making mortgage payments while fewer homes are selling. With prices below $200,000 in strong demand and softness above $325,000, this may be a good time for Tri-City home sellers/ buyers to move up.

Home sellers in price ranges with extensive competition must ensure that their homes show well and are priced competitively. The comparables from six months ago may no longer be good comparables to use for market positioning today.

My number one challenge is that I am working with several potential home buyers who want to move to the Tri-Cities, but are having difficulties selling their homes elsewhere. With fuel costs rising, having an energy efficient home seems to be more important to today’s home buyers.

For updated Tri-Cities housing information go to http://www.tri-cityhomebuyer.com/

For access to our Home Buying Process Web Site CLICK HERE

How to Buy a HUD Home

What is a "HUD Home"?
A HUD Home is a property that was previously financed with an FHA insured mortgage and where the owner has defaulted on the loan. The lender, then, forecloses on the home. FHA pays the lender what is owed; and the lender transfers ownership of the home to FHA/HUD. Then, HUD sells it at market value.

Who can buy a HUD Home?
Anyone who has the cash or can qualify for a mortgage can buy a HUD Home.

Is it true I can get a HUD Home for a dollar?
No. HUD sells homes at market value - that means that the price is set based on the price of similar homes sold in the area.

If the HUD Home needs repairs, will HUD make them?
HUD Homes are sold "as-is," without warranty. That means that HUD will not pay to correct any problems. Buyers are encouraged to get the home professionally inspected.
Houses built before 1977 may have lead based paint, which can cause harm to your family; so be sure to read about this hazard and about what you would need to do to correct it.

How do I buy a HUD home?
HUD Homes are sold through Participating Real Estate Agents.
Start by finding a HUD participating real estate agent. Your real estate agent must submit your bid for you. The real estate agent's commissions are usually paid by HUD.

How can I find out what HUD Homes are for sale?
Go to http://www.hmbireo.com/index.php

How can I get a loan to buy a HUD Home?
HUD does not make loans directly. You can contact a HUD approved lender, who will take you through the steps and actually make the loan.

Can I buy a HUD Home as an investment?
Most HUD Homes are initially offered on a priority basis to owner occupant purchasers (people who are buying the home as their primary residence). Following the priority period, unsold properties are then available to all buyers, including investors.

Officers and Teachers!
HUD has a special sales program under which approved Officers and Teachers (as defined by HUD) may purchase properties at discounted prices in revitalization areas.

Rates Remain Unchanged

Long-Term Rates Nearly Unchanged in Freddie Mac Weekly Survey

McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.09 percent with an average 0.6 point for the week ending June 5, 2008, up very slightly from last week when it averaged 6.08 percent. Last year at this time, the 30-year FRM averaged 6.53 percent.

The 15-year FRM this week averaged 5.65 percent with an average 0.6 point, down very slightly from last week when it averaged 5.66 percent. A year ago at this time, the 15-year FRM averaged 6.22 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.51 percent this week, with an average 0.5 point, down from last week when it averaged 5.62 percent. A year ago, the 5-year ARM averaged 6.24 percent.

One-year Treasury-indexed ARMs averaged 5.06 percent this week with an average 0.7 point, down from last week when it was 5.22 percent. At this time last year, the 1-year ARM averaged 5.65 percent.

"Interest rates for fixed-rate mortgages were nearly unchanged this week over reports of continued inflation," said Frank Nothaft, Freddie Mac vice president and chief economist. "Although the gross domestic product grew at a faster rate in the first quarter than originally reported, consumer spending rose only 1 percent, representing the smallest increase since the 2001 recession."

"In addition, the core price deflator was revised downward to an annualized rate of 2.1 percent and remained at that pace in April, but this is still above the Federal Reserve’s stated comfort zone."

Published: June 6, 2008