What was once a rarity in the United States, million-dollar homes are becoming common in many large housing markets throughout the country. A report released by Trulia stated that over the past four years, the number of million-dollar homes in the United States has doubled. In 2012, the share of million-dollar homes was 1.6%. The study showed that in 2016, the share increased to 3%.
Across the U.S., San Francisco has seen the largest increase in million-dollar homes, increasing from 19.6% in 2012 to 57.4% in 2016. Also high on the list are Honolulu, HI, New York, NY, and Seattle, WA. To view the full report, click here.
Jumbo loans are home mortgage loans that allow financing for homes exceeding $424,001 (depending on what area of the country you’re in, loan amount may vary). Jumbo loans can be an excellent option if you are considering borrowing between $424,001 and $3,000,000 for a home purchase or refinance, and are looking for higher but flexible rates and terms, and no pre-payment penalties.
I can offer many strategies to help you purchase the home of your dreams! Fairway has excellent rates and programs for jumbo loans and I would be happy to go over those with you. Call me today to set up an appointment.