High-End Housing Market Ravaged by Stock Selloff
"Lower prices are not moving people to buy," Cassidy says. People say, 'I have what I need, why do I need more.' We're not seeing may sales with jumbo loans. People are scared about the economy. The high end here is more than $2 million. There's no market for them. It's a lot of hand holding for sellers. Our work is even tougher."
But Residential Home's Meglino does see some hope for home buyers with enough cash. "Jumbo's are harder and more expensive," he says, "but for people who need a mortgage, there's always someone there with a price."