Even though the reduced cap on Jumbo loans does not take effect until October, many banks will begin the stop offering the higher amounts with concerns of gettiing the loans closed before the deadline.
Finger Lakes waterfront homes buyers may want to take this into account while relative rates for Jumbo's are so low but before the lower cap on loan amounts are imposed!
There are two major restraints right now for our real estate market; one is the lending standards are more stringent than they have been and second, consumer sentiment is negative. Both probably will improve, but when?
From an objective point of view, we have a very good inventory of homes at affordable prices with interest rates very low. Even for investors, this article about rising rents should be a great backdrop to investing in residential real estate.
We stand ready to guide and assist...There are many great things to do in the Finger Lakes. Our own Mary St. George has published this quick video for your viewing. Its summer time at Keuka Lake and all the Finger Lakes…don’t miss out!!
Find out more about The Finger Lakes or some of our Featured Properties!!
This information brought to you by Dave Reeve, Owner/Broker at Wine Trail Properties.
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