Lake Powell Real Estate Market Report for September of 2009.
The following items closed in Page and Greenehaven last month.
Single Family Homes Sold – 3 with an average price of $244,966
Manufactured Homes Sold – 1 with a price of $134,200
Mobile Homes Sold – 1 with a price of $65,000
Single Family Home Lot – 1 with a price of $80,000
Commercial Property Sold – 2 with an average price of $87,834
While sales are relatively comparable to last year in September, the noticeable change is how long homes are staying in pending status. After a contract is accepted on a home, property or business it changes to pending status while waiting for inspections and funding.
There were 4 single family homes at the end of September, 2008, on pending status with an average time of 58 days.
This year, end of September pending single family homes, 9 with an average time of 97 days.
These numbers tell quite a story. It is taking longer to obtain financing and with the new HVCC rules, longer for appraisals as well. With more than twice as many homes pending, and taking about 40% longer to close, home buyers and sellers need to be aware of the new time lines.
While 2 years ago mortgage underwriters were asking for little documentation, expect minutiae to be required by most lenders now.
New Truth In Lending requirements are now in effect as well. Next up…. how that affects the process.