November Arizona Market Wrap Up and Holiday Rate Discount
From all of us at Lendability.com, we would like to wish you and your family a very happy holiday. We would also like to extend an additional .25% off of our lowest rates when you send your clients to Lendability.com. This rate cut is available for both purchase and refinance business. Rates have dropped to a new low in the last two weeks.
Take a look at some data below from November 2009 (Data provided by our friends at CromfordReport.com, which you now have access to using your MLS ID):
- Sales at 7,673 were down 247 from October’s 7,920 - Please note that the Thanksgiving holiday impacted the number of days in the month
- Active Listings at 39,957 were up 938 from October’s 39,019
- Sales Per Year at 89,390 were up 2,527 from October’s 86,863
- Monthly Supply at 4.8 was down 0.2 from October’s 5.0 month supply
- Average Sales Price at $173,881 was up $2,704 from October’s $171,177
Much of the success of 2009 can be attributed to the $8,000 tax credit, low home financing rates, and low home prices. Nationally, sales contracts soared in September and October to 32% higher than a year ago. Many home buyers were trying to take advantage of the tax credit before it expired. Luckily, the tax credit has been extended to June 30, 2010 and expanded to all buyers. It is important to note that purchase contracts must be signed by April, 30 2010 in order to qualify for the credit. While it may seem that there is plenty of time for your clients to purchase a home and receive the tax credit, now is the time to engage your pipeline. Our purchase pipeline has grown significantly due to the increasing number of buyers on the market. It is taking 90 days or longer for buyers to find the perfect home and get the contract accepted.
As part of Lendability.com’s commitment to building relationships with all clients, we are working closely with customers who are facing credit issues. Every month we are able to help 5-10 clients who need to repair their credit. This service is at no extra cost to your client. Remember, we only need a 620 credit to get your client approved.
If you are doing open houses, please send me a message (chrism@lendability.com) with the property and the date. We would love to meet you face to face and help you qualify your potential buyers.
Please call us or visit this website for your tax credit questions.
