Listing volume for Rossmoor homes remains at incredibly low levels. Rossmoor residents don’t know what kind of market we are going to see moving forward. One thing is for sure…with a scant thirty properties currently listed, Summer could be a very interesting season indeed.
As of today, there have only been two closed sales this month. Both homes having been located on Martha Ann and not having sold for more than $750K, doesn’t really provide much confidence for the higher end market. These homes continue to sit on the market for quite some time. In fact, properties listed at over $1,000,000 have averaged well over ninety days on the market!
It looks as if the lack of available jumbo financing (Greater than $729,750) has made it significantly more difficult for buyers to get into the Rossmoor neighborhood. The real issue comes with small business owners. When you combine the changes to mortgage guidelines with health law changes, inflation and a fairly unfriendly business climate across the board, many business owners are choosing to wait it out and see what happens.
Help may be on the horizon. A number of mortgage lenders are now doing what they can to open up the market for self-employed borrowers. Union Bank, Wells Fargo and Met Life have reintroduced the portfolio loan. Rather than using the standard Fannie Mae rules, they use standards that are more suited to the self-employed borrower. With any luck, these changes will make home loans more accessible for these potential buyers.
The return of the real estate market is virtually inevitable, but the lack of homes for sale in Rossmoor has both buyers and sellers very nervous. Even with the best best efforts by the government and area Realtors, economic conditions have created a very soft market for home sales. With that in mind, we may want to temper our enthusiasm about the coming summer. It could be the quietest one we’ve seen in quite some time.