The Truth about the Dothan real estate market
September 24th, 2008 - Categories: Buying a home in the Dothan area, Dothan area Real Estate Market information, Selling a home in the Dothan area
By: Charles Woodall
http://www.dothanhomesearch.com
Wading through all the news related to the stock market, failing financial institutions, and other problems, and how it effects you as a Dothan home seller, home buyer, or just a real estate owner:
- Mortgage rates have dropped at least 1/2 percent since Labor Day, and almost everything is below 6% now. Yes, lenders have tightened their lending standards, but folks with good credit history and a little money to put down can get a loan. Don’t let anyone tell you otherwise.
- Dothan real estate is still a good long-term investment. The median selling price year-to-date is $132,500. Median price in 2007 was $133,000. Median selling price in 2000 was under $110,000.
- An FHA mortgage is still the prevalent means of financing here in southeast Alabama. Down payment assistance programs are going away at the end of September, although hopefully only temporarily. This development is going to have an adverse effect on the Dothan real estate market, since upwards of 10% of all home buyers last year used one of these programs. The $7,500 tax credit for first-time homebuyers will help some, but we need Ameridream, American Family Funds, and Neighborhood Gold to come back. Contact your legislator.
What do you need to do if you have a home for sale? It sounds like a broken record, but truthfully the best weapons you have are a competitive price and an appealing property. Homes that are priced right and in superior condition are selling.
What do you need to do if you are a home buyer? If you are already approved for your mortgage, then its time to write an offer. If you aren’t pre-approved, you need to be.
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