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05-17-2008, 06:30 PM
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Real Estate Agent
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Join Date: May 2008
Location: DFW - Coppell / Las Colinas
3,822 posts, read 1,812,329 times
Reputation: 2232
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Selling a House and Jumbo Loans
I have my personal home for sale here in DFW listed above $900k. With the crunch on Jumbo Loans, showings seem to have slowed quite a bit in the last few months on homes above $700k or so.
For you guys in CA & other higher priced areas, is this a factor in selling higher end homes. Do most higher end buyers have the cash and not need a Jumbo?
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05-17-2008, 07:43 PM
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Real Estate Agent
Status:
"Is seeing the light at the end of the tunnel"
(set 2 days ago)
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Join Date: Oct 2007
Location: Salem, OR
4,546 posts, read 2,831,580 times
Reputation: 1716
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I know in Oregon it's a serious problem and we have a 40 month inventory of high end homes here in Salem.
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05-18-2008, 10:16 AM
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Real Estate Agent
Status:
"Happy Christmas City-Data Friends!"
(set 1 day ago)
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Join Date: Sep 2007
Location: A Cypress Tree Swamp in Carrollwood
2,443 posts, read 1,712,613 times
Reputation: 3058
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It's causing definite problems in the Tampa Bay area. Last August, it was like the lights were turned off and financing dried up.
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05-18-2008, 10:16 AM
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Real Estate Agent
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Join Date: May 2008
Location: DFW - Coppell / Las Colinas
3,822 posts, read 1,812,329 times
Reputation: 2232
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I understand the concept of risk but a guy putting a down payment of $500k and wanting to borrow $500k pays a premium for the loan.
Seems to me the lenders would be giving him a favorable discount instead of a penalty.
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05-18-2008, 10:25 AM
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Equal Opportunity Offender
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Join Date: Oct 2006
Location: San Antonio
2,260 posts, read 1,196,782 times
Reputation: 1158
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It's not really an issue in the San Antonio area. The jumbo programs are coming back and the Texas market is still very strong for luxury homes. Under a million, you're still probably going to have a buyer that's financing it instead of cash, but it's getting easier.
The most aggressive lenders tend to be the private banking divisions of your large banks (Wells Fargo, BofA, etc)
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