San Francisco Real Estate Market Update for the week of March 2, 2008
Read what Rick Turley, President of Coldwell Banker, San Francisco/Peninsula says in his latest weekly report:It’s official. The Department of Housing and Urban Development has released the amounts of increases in the conforming loan limit for FHA, Fannie Mae and Freddie Mac secured loans. This is great news for Bay Area homeowners, home buyers and home sellers alike. For homeowners, the increase may allow them to refinance their existing “jumbo” loans at a lower rate of interest.
For buyers, it may make getting a loan much easier and cheaper. For sellers, it ought to spur fence-sitting buyers to take more immediate action and start writing offers on all those open houses they’ve been flocking to for the past weeks. Though there is a possibility that the increases will be permanent pending new legislation, for now the conforming loan limit increases are only confirmed through the end of 2008. Buyers have a distinct time-frame through which to take advantage of this opportunity. Move-up buyers and first time buyers both have a terrific break right now to find the home of their dreams.
The new increased limits (up to 125% of an area’s median home price) impact practically all of our Bay Area Counties. Alameda, Contra Costa, Marin, San Francisco and San Mateo all qualify for FHA, Fannie and Freddie increases up to the cap of $729,750. Sonoma County’s FHA conforming loan limit increases up to $662,500, and for Solano, the increase is up to $557,500.
We aren’t certain when new loan products will actually hit the market and become available, but it shouldn’t take long. Lenders have to be pre-approved to offer FHA loans, so it’s more important than ever for buyers to be working with skilled real estate professionals who have the connections and resources necessary to make recommendations and guide their clients toward reputable, pre-approved lenders. Our Princeton loan officers are doing a great job keeping us abreast of new opportunities.
Read the rest of the March 2, 2008 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 @ 9:04 AM
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