West Savage inventory is sitting at 28 homes on the market, with a majority of homes concentrated in the $300K-$400K range. There is a lot of competition! Additionally, new construction just to the west in Shakopee has been a big draw for buyers in the $300K range, as new construction prices have come down substantially.
The shock of short sales and foreclosures continues in our neighborhoods, though the demographics have changed. Fortunately for The Pointe neighborhood, short sales have cooled. They are continuing to emerge in Oak Hills, Woodhill, and most recently, St. Clair Bluffs, and most have no yard signs. 14.3% of our ACTIVE West Savage inventory are short sales, while 33% of our PENDING inventory are short sales/foreclosures.
Once a non-issue, FINANCING has become the new F-word of real estate. Funds are still very much available. However, appraisals are unforgiving and lenders are exercising high caution. Underwriters are re-checking buyer’s job history and credit scores the day before closing. On one recent transaction, the night before closing, the lender required we photograph a replaced window, a plumbing patch, and oddly, a repaired dishwasher (with thumbs-up to show it was in working order), with the requirement that all photos be emailed to the lender that evening. Financing is somewhat volatile at this time, and for this reason, it is important to be working with a professional organization that is tuned-in to what is going on in our industry.
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