30 year mortgage rates on jumbo loans underwent a huge increase as money previously available to Fanny and Freddie Mac became more expensive.
And if youâ€™re shopping for a home right now donâ€™t forget, lenders are not taking applications for loans qualifying for the $729,750 conforming rate cap after December 1, 2008 of THIS year. Better lock down a home if you want favorable rates before then. Hereâ€™s an article we did that discussed the housing reform billâ€™s elements that apply to our market which explains the cost of getting non-conforming loan instead.
Howâ€™s this for a slow time of yearâ€”there were NO new listings last weekâ€”a first as I can remember.
One home went into pending statusâ€”our listing at 2825 Hallmark Drive. No we canâ€™t tell you what it sold for until it closesâ€”scheduled for December 16th 2008.
These four homes closed escrow last week:
â†“2105 Cipriani 4 Bed 3.5 Bath 2320 Square foot home LISTED for $ 1,199,000, lowered to $1,159,000 and SOLD for $1,057,500 two weeks after it was lowered.
â†“80 Edgewood Placeâ€”3 Bed 2.5 Bath 2,030 ATTACHED home LISTED for $998,000 and SOLD for $970,000 in 25 Days.
â†”512 Alameda de las Pulgasâ€”2 Bed 1 Bath 1,230 Sq. Ft. home LISTED for $804,000 and SOLD for $804,000 in 37 days. This home needed a LOT of work but it was on a 9,375 Sq. Ft. lot.
â†‘1980 Alden Streetâ€”3 Bed 1 Bath 1,260 Sq. Ft. home LISTED for $799,000 and SOLD for $815,000 in 18 days with two offers.
This information is for entertainment purposes only and includes no legal, accounting or real estate advice nor is this intended to be specific to your situation-always consult a specialist who is familiar with the details of your situation. Homes sold do not necessarily represent homes sold by Drew & Christine Morgan.