Since the residential real estate market “shifted” in 2007, the type of buyer financing has shifted as well. Historically, most local buyers were accessing conventional loans. It is important to note that, during 2007, lenders continued to provide the popular 80/20 loans and 80/15/5 loans, allowing buyers to get into homes with very little money in hand. As regulations have tightened, those type of loans are no longer available. Today, conventional buyers must have at least 5% down payment on hand.
Loans began to shift to FHA initially, given that a smaller down payment (approximately 3.5% of the purchase price) was required. In addition, special programs such as the USDA 100% financing program for homes west of I-95 gained popularity. The USDA program is under the FHA umbrella. Likewise, the VA buyers grew to account for around 25% of total sales, making the greater Savannah market heavily dependent on the military customer.
Today, with declining prices and an oversupply of inventory, the cash buyers --- most frequently investors --- have come out in force to take advantage of market conditions. Buyers will a ready supply of cash have tremendous opportunities to "get the great deal." There has never been a better time to buy!
Savannah Real Estate has every style home imaginable including Federal Style houses, Greek Revival homes and Georgian style property. i read that "Average price per square foot for Savannah GA was $90, a decrease of 3.2% compared to the same period last year."..
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Newbuy
Thanks