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CNBC is reporting that the economic stimulus package doing the rounds in Washington will include a one-time increase in ‘conforming loans’ from Fannie Mae and Freddie Mac from $470,000 to $625,000. This will give Santa Fe real estate the kick it needs because:
1. There are buyers out there. I meet them every day, and they’re just itchin’ to get into the market but want to buy at the right time. Nobody can ever predict the “low”, but everybody wants to try.
2. With Santa Fe’s relatively pricey market, an increase in the conforming loan limit means that people can get loans for the majority of properties in town at rates less than 6%
3. The time limit of this deal means people have to act soon – nothing like a deadline to get buyers going, and to get sellers positioning their properties for a smooth sale.
4. Santa Fe has always been a solid, stable real estate investment, with inventory well matched to buyers. This incentive can once again highlight what Santa Fe has to offer as a haven for smart investors, rather than have us all focus on the gloomy headlines.
