"The Seattle Times" article "'Jumbo' Mortgage Market Reviving" March 22, 2009

Here is some good news for at least one of my clients.  In Sundays’  ”Seattle Times“, real estate columnist Kenneth Harney wrote an article called “‘Jumbo’ Mortgage Market Reviving”. 

Harney writes that Bank of America is entering into the very under-served Jumbo Home loan market this spring.  This will really help the Seattle / Bellevue real estate markets, which have high median home prices.  The median home price in King County for both single family homes and condos for Feb. 2009 was $348,000  (Feb. 2008 was $395,000, down 11.9% courtesy of the NWMLS). 

Jumbo loans are loans above the Conventional loan limit of $506,000, and we have been waiting for that limit to rise again to $567,500.  Christi Meats from Evergreen Home Loans sent me an email last night to let me know that ”We expect in the next week or 2 to see Fannie Mae and Freddie Mac sort out the final details for the increased loans amounts for Conventional loans from $506,000 to $567,500″.

Christi also let me know that she will have more Jumbo loans available from B of A too, since Evergreen Home Loans; “ will be participating in this when it happens through our correspondent relationship with Countrywide.”  Countrywide is part of B of A and according to Harney in the article, Countrywide will be changing it’s name to Bank of America Home Loans.

The availability of Jumbo loans for high-end home-buyers began to contract in August 2007,  so this is Good News!

The Seattle Times Real Estate Article: "It's a good time...to be a first-time homebuyer"

Sunday mornings and it’s The Seattle Times, and a cup of coffee…ahhh….

So, this morning when I got to the Seattle Real Estate section, the first thing that caught my eye was the photo….I showed THAT house to my first-time home buyers last September!  It was for the article “It’s a good time to be a  first-time homebuyer”

While that home did not suit my clients, together we eventually found a great deal last fall, on a wonderful new construction, 4 bedroom, 2 bath home in Beacon Hill over looking Columbia City, I am glad that the buyer in the article, with the help of her Seattle real estate agent,  found what she was looking for. 

The article did a good job of pointing out why for many first-time home buyers it is a good time to buy:

• Lot’s of inventory – this is how my clients wound up with such a great deal, the builder needed to sell some of his inventory and was willing to take a much lower price than what the house was originally listed for.
• Lower prices on homes – the downward pressure of lots of inventory beause of potential home buyers watching and waiting.
• Low interest rates -  my lender, Christi, updates me on how the rates are and they are very good.
•  Up to $8,000 tax credit- available for first time home buyers who qualify, and who buy between Jan. 1st 2009 and Dec. 1st 2009.

Anyway, it was funny to see that house again in the newspaper, good thing I had already swallowed my coffee, or my photo would be of a coffee stained article…LoL!