Any rule of thumb on offers in this current market?

[aneftp]

Thinks there are some factors to consider for homes over $500K in Florida.

1. Jumbo loan market is a different beast in Florida. (that's what our friend/mortgage broker has stated).

2. 417K conventional loans limit plus FHA loan limits far less (often times FHA loan limits are less than $300K in many counties in Florida).

So homes over 500K will sit sit sit on the market.

Homes under 200K are moving very rapidly.

That's why those million dollar homes are tanking fast and still thanking. No investors to buy and regular people buying to occupy. Frankly there simply aren't enough people willing to pay for homes in that price range and having to pay a premium to be in jumbo loan terrority and or not FHA loan range.

I bet you 100% if the Feds adopted the 417K fannie range and sub 400K FHA loan limits in Boston, LA, SF, DC etc....those homes in those cities would tank as fast as Florida homes.

It sucks. It's not fair for many of these homeowners.

Think abou it. Some West Virginia county gets to be considered part of the DC region and gets financing for the 729K FHA loan limit. It's quite ridiciulous how they lobby for some loan regions.

In the end, it's all about financing available for those types of homes.

[MrRational]

Originally Posted by aneftp

In the end, it's all about financing available for those types of homes.

Which sums up the US housing and RE problems in a nutshell.

The buyers of starter homes and the smaller move up homes in proximity to the fulltime jobs of these
working people absolutely warrant FHA and similar help and support...
but once the family gets beyond this level of income and assets? No sir, not one bit!

Want an overly large home? Want it in a remote area? Good for you.
Better have a large income or large net worth of a degree that you can afford the purchase unassisted.
If I had my way the mortgage interest wouldn't be deductible and maybe not even the RE taxes.

[texdav]

I would say it really depends o the local market of where you are buying and even the rpcie range withi it.As we get further along since housing crisis what I see is more difference ;not less.