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Jumbo Loans and Wine Country

March 31, 2009

woodinville-dragonfly-thumb.jpgOK…this real estate market has been brutal particularly for neighborhoods who are situated in the jumbo loan market zone.  A jumbo loan in King County is generally any loan amount over $506,000.  

Hollywood Hill, Woodinville is a neighborhood that fits the jumbo loan profile.  Located in the heart of Woodinville’s wine country and made up of approximately 1300 homes.  The median sold price for 2008 was $810,000.  Currently the median price for a home on  the market  is $835,000. 

Just this month Hollywood Hill has reported it’s first pending sale for the year!  And guess what …. it’s  priced below the conforming loan limits.    No surprise because getting a jumbo loan in the last year has been a rigorous endeavor.  

Fortunately, things seem to be breaking loose a bit.  The Seattle Times article written by Kenneth R. Harney on March 22, describes a jumbo loan revival on the horizon.   This is good news for neighborhood’s like Hollywood Hill.

So, if you’ve been wondering why your neighbors home has not sold yet….

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