Looking at Heights area homes above and below the $500,000 mark

Comparing the number of homes sold last year in the $500,000 and above range, we had essentially the exact same number for both years: 84 homes in 2009 vs. 85 homes in 2008.  This is interesting since in 2009 it was challening to find 100% financing or 5% or 10% down loans, especially on non-conventional loans (those above $417,000).  Most lenders required at least 20% down which means if you were going to obtain a conventional loan, you were limited to a sales price of $521,250 or putting cash down for the sales price above this amount to keep the loan conventional.  Jumbo loans (those above $417,000) were challenging to come by last year, if you could find them at all. 

The number of homes closing below $500,000 was off to an expected slow start due to the bank environment during the first half of the year, but slowly increased throughout the year. 

I will break down the sales further by price in an upcoming article.

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