San Francisco Real Estate Market Update for the week of August 5
Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:It has been an interesting week. The financial markets reacted severely to the tightening of credit in the mortgage industry. Institutional second loans for purchase (ex: 80/10/10) are predominately gone, and practically overnight. On a national scale, the Fannie, Freddie conforming loans, and FHA, VA remained relatively unchanged, but that doesn’t help us much here where the lay of the land is mainly a jumbo loan arena. To balance the perceived risk from investors who purchase these loans, most interest rates on jumbo loans have increased a full percent or more.
Therefore, it is imperative to thoroughly review and understand the financing qualifications and terms for each potential home buyer. In order for any transaction to be closed successfully, buyers will require a real estate professional that is fully informed, knowledgeable and able to provide expert guidance as it relates to the financing aspects of the transaction. It is also important to ensure that buyers are working with a well-capitalized, established lender such as our partner, Princeton Capital. Our Sellers also need to take advantage of our in-house loan professionals who are prepared to help Listing Agents scrutinize offers coming in on their properties...
Read the entire report here.
- Rick Turley
* For an e-mail alert when this report is updated, send an e-mail to info@SFResidence.com with "weekly market report" in the subject line.
posted by SFResidence.com @ 10:37 AM
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