Well Congress has spoken and the Big Spending Package for South Florida is a whopping 1.6% increase or $6,700 dollars. Yes you heard that right the jumbo loans amounts have increased from $419,000 to $423,750, if you plan to borrow more then this plan to pay a higher interest rate, as much as one percent more. This maybe a good time to buy but Congress has not joined our party.
In the long run this could help slow the run away housing prices in this market. Only time will tell. Just this month for the first time in the past 24 months the median price of home in Miami-Dade has dropped from the low $300 thousands into the high $200 thousand range. The market has started pick up lets see if the move by Congress will not scare off any buyers in the near future.