Financing in 10024>Question Details

Jessica, Home Seller in New York, NY

Financing? We're putting our Upper West SIde condo on the market very soon. Our concern is that

Asked by Jessica, New York, NY Mon Mar 3, 2008

potential buyers will have a hard time getting financing. With credit so tight, are people able to get Jumbo mortgages?

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Jessica,

Financing is available for people with traditional qualifications like documented income, verifiable assets and good credit. Marginal buyers are going to have a difficult time for sure. Make sure you have a fully approved buyer before spending too much time tying up your contract.
Web Reference: http://www.guardhill.com
1 vote Thank Flag Link Mon Mar 3, 2008
Jessica,

Great question. While the availability of jumbo loans for buyers may be a concern for the majority of the United States, there are buyers in Manhattan that qualify for these loans or are able to purchase a home in cash.

Your additional concerns should be on how you're showing your home to buyers, if your apartment is getting in front of as many buyers as possible, if your RE Pro is pro-active, and if you've priced your apartment competitively. An over-priced apartment will sit on the market. Buyers in Manhattan also want value.

Radar Logic - formerly known as Miller Samuel - provides real estate statistics and appraisals for New York City. They're viewed as the authority of real estate market statistics and every good real estate brokerage pays attention to them. I've included the link below, regarding condo sales on the UWS, for your review and information.

Feel free to contact me to discuss marketing and selling your home.
0 votes Thank Flag Link Mon Mar 3, 2008
NYC is STILL a very desirable place to buy real estate; where there is a desirable market there will be buyers. My suggestion is not to worry about the buyers with problems, they have their agents to help them with that.
0 votes Thank Flag Link Mon Mar 3, 2008
Jessica, There are things you should worry about, but the availability of financing for Manhattan condos is not one of them. My company closely tracks market activity and publishes its findings in quarterly reports for Manhattan, Brooklyn, Queens, Nassau, Suffolk and the Hamptons. The last Manhattan report (4th quarter of '07), found 2518 units sold at a median price of $850K; versus 2441 units in Q4 '06 at a median price of $799k. While credit may be more difficult for some to access, any lender changes does not appear to have interrupted the Manhattan condo market.

Jessica, Let me know if you need the name of a great Prudential Douglas Elliman agent.
0 votes Thank Flag Link Mon Mar 3, 2008
Jumbo mortgage limitations have actually been expanded. Good credit = Good mortgage.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Mon Mar 3, 2008
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