Jumbo Loan Rates About to Hit Luxury San Diego Real Estate Sales
For the first half of 2007 the San Diego luxury home resale market was unaffected by the value and sale declines affecting the rest of the market. But, recently the interest rates on jumbo loans (over $417,000) as well as the fees to obtain these loans have taken a huge spike up.
These jumbo loans make up almost half the loans made this year in San Diego. Just prior to the Feds rate cut, the interest rate on these jumbo loans was just over 7%. Combine this higher than normal rate with fewer jumbo loan programs and tightening underwriting standards, and it looks like the high end San Diego real estate market is about to join the mainstream decline in real estate sales and values.[tags]San Diego real estate,luxury home sales,San Diego real estate bubble,housing bubble,San Diego housing[/tags] San Diego real estate agents
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It’s been about a month since we saw that luxury downtown San Diego condominium demand started to fall off. I hope you are wrong….I need more commissions. San Diego MLS
It was just a matter of time before the luxury market followed the rest of San Diego real estate down.
Lasik eye surgery San Diego
What about all of the clients we see that are having trouble keeping their marriages together and they think a new home will make them happy…are we responsible to make sure they don’t buy one in case they get divorced? We can tell them moving is stressful. We can tell them the house won’t make them happy if they are not already happy. We can tell them that they may be under MORE pressure to make payments on their new home. But what if they want to buy it anyway?
Brad
San Diego Real Estate Brokers
The job of a realtor is to show homes that fall into a certain price range (usually a price range recommended by the lender…not the real estate agent).
As a real estate agent, I never recommend a lender – most buyers have already been pre-qualified or pre-approved (for what that is worth), but if they have not, I tell them to call a few banks and mortgage companies (and stick with the familiar names in the industry).
HOW AM I, AS A REAL ESTATE AGENT, TO BE BLAMED IF MY BUYER AGGREES TO THE TERMS OF AN AJUSTABLE RATE MORTGAGE AND IS UNABLE TO REFINANCE BEFORE THE LOAN RESETS?
Kate
San Diego California Real Estate
Realtors should not be giving ANY mortgage advice, appraisal advice, legal advice, environmental advice, construction advice, engineering advice, plumbing, electrical, Etc. Etc. Etc.
We are licensed ONLY to help connect buyers and sellers of real property. If a lawyer gives our clients bad legal advice, the lawyer is at fault. If an appraiser overestimates the value of a house, the appraiser is at fault. If a plumber doesn’t fix a leaky faucet properly, the plumber is at fault………and last but not least
If a lender puts a buyer in an inappropriate loan product or does not disclose to that buyer the risks of that product, the LENDER is at fault.
And in many cases:
The BUYER must share some responsibility!
Adam
San Diego Dentistry