Jumbo Loans and Wine Country
OK…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….