What happens when 'something you think' and 'something that is' don't agree?
Today I wanted to check what type of financing recent buyers have been using because I've got a listing that will only accept conventional financing. I checked all Schaumburg homes that closed over the last 4 months of 2010 and here's what I found:
Not what I thought - Not what I've been told!
I was surprised because a good chunk is 'cash'. Remember the adage 'who's got cash'? I guess more people that I thought!
The other point 'I've been told' has been that all buyers are using FHA financing recently because it's just easier, better guidelines, less hassles. Well ok, but the statistics don't show that as true here for Schaumburg homes. Another point about going FHA financing has been the down payment issue - most people don't have one saved up. Well that also seems to be a nasty rumor because most conventional loans now normally want 10% down or more.
Now if you are a seller of a Schaumburg home in the lower price ranges below $250,000 I would say you had better get prepared for a buyer going FHA. In fact, prepare for all types of financing including that one buyer that has a 'briefcase full of cash'.
If you are thinking of selling your Schaumburg home or purchasing a home in or near Schaumburg, please give me a call so we can discuss financing and any other questions you might have.
Lyn - I bet a lot of people are under the impression a majority of buyer's are doing FHA, but that's not necessarily the case as you showed above.
I'm flabbergasted, Lyn. Guess I need to take a close look at financing in my area too!
Michelle: I was really surprised so I thought I would post the results. LO's keep saying FHA and it's not really the case.
Irene: Check out your area and see what stats come up, I bet you will also be surprised.
Lyn, loved the impact of the grid. I'm going to check my market too!
Ellen