Do you think price in Great Neck that require jumbo mortgage financing will be higher or lower in 1 year??

Asked by Steve, Great Neck, NY Thu Feb 26, 2009

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Steve, , Great Neck, NY
Wed May 20, 2009
Looks like Prices are unequivicolly lower! a lot lower!
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Apr 30, 2009
Wish I had a crystal ball for an accurate answer for you, but unfortunately I don't.

0 votes
Steve, , Great Neck, NY
Sun Apr 26, 2009
Its a disaster Great down 8% in Q109. Most reas estate experts expect Great Neckt to move in lock stop with Manhattan which is expected to drop an additional 20-30% over the next 18 months and than stay flat for 2 years after tha
0 votes
Anonymous123, Home Buyer, Oceanside, NY
Thu Feb 26, 2009
I don't think that anybody knows. Great Neck has held up very well in this market which either means that it will hold up going forward or that it will soon come down very significantly and that it was just delayed in terms of price adjustments. There are some areas where people are very wealthy and not impacted but there are many areas where people paid prices in the last 3 years that are just not sustainable for them.
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Fajardo Dela…, , Flushing, NY
Thu Feb 26, 2009
We can not foresee the future only what is in front of use. Due to the size of jumbo loans, they are considered greater risk for lenders, resulting in higher rates 7%-9%, that is 2-3 points higher then a FHA loan. While they are needed to purchase luxury residential properties they will get harder to get.. The trend should continual even when the market starts to come back. With the Economic Stimulus Act they are only going to continue to more difficult to get. Fannie and Freddie can't buy jumbo loans, the rates on them are unlikely to be affected by the Fed's plan."
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