The DuPont WA real estate market update for September 2012 is seeing a stable and steady recovery, which in the long run, is very good.
A market that improves too fast or too high will decline just as quickly and devastatingly.
Year-to-date median sales prices between 2011 and 2012 have remained virtually unchanged. Year-to-date for 2012, the median home sales price in DuPont is $290,250. In 2011, the median sales price was $294,908 – a 1.58% difference. This stabilization can signal that the DuPont real estate market has “hit bottom.” There may be some seasonal price adjustments that may lower the median sales price a notch however I would anticipate prices to begin to inch upward in 2013.
The number of homes available for sale is also down. Historically, more homes are available in the summer. This year, we haven’t seen that seasonal increase in inventory. In fact, the DuPont real estate market has 23% fewer listings than a year ago.
For sellers who are contemplating selling but worried, this may be an excellent time to put a well-priced home on the market. And capitalize on buying a new home with excellent interest rates well below 3.75%.
These are all positive signs for a steady recovery in the DuPont WA real estate market.
Q: Can I buy a fixer-upper with a VA loan?
A: This can be challenging for the VA buyer, as the lender must adhere to VA guidelines about property condition. The lender will hire an appraiser to view the property. The appraiser is not a home inspector, but the appraiser can see obvious repair items that can derail your chances of getting a VA loan. Many fixer-uppers are sold as-is. For example, they may be sold by the bank or they may be a short sale, and the seller is unwilling or unable to make repairs.
Common examples of property conditions that most VA appraisers will call to the lender’s attention are:
· No floor coverings (i.e. sellers removed carpeting exposing the sub floor)
· A roof that is in poor condition; evidence of roof leaks.
· Knob and tube wiring (fuses instead of an electrical panel with breakers)
· Missing built-in appliances such as a range and dishwasher.
If the appraiser calls out repairs such as these, and the seller is willing to repair these items, then using a VA loan shouldn’t be a problem. If the seller is unwilling or unable to repair the home, the buyer may have to look at another loan type, such as a rehab loan or a conventional loan. (For more information, visit the US Department of Veterans Affairs website, http://www.benefits.va.gov/homeloans)
If you’d like more information about how the DuPont WA real estate market for September 2012 impacts you and your home purchase or sale, call me today. And be sure to visit my website to search DuPont WA homes for sale.
(All data compiled is from the Northwest Multiple Listing Service. Data is deemed accurate but not guaranteed.)
DuPont has a very interesting history. Learn about its “explosive” past!