Between Bowie, Prince, and a rather heated election, 2016 has been a rough year. Fannie Mae is trying to make it go out on a high note by announcing an modest increase in the limits for all loans starting January 1.
That means that if you're looking to buy a new home using a conventional loan next year, you're going to have more options to choose from. Inventory is pretty tight right now (it always is between Thanksgiving and Valentines Day), but as of writing this there are 50 homes for sale in the Triangle between the old limit and the new.
And $424,100 is very close to $425,000 - certainly close enough to negotiate. Up that search price and you'll find 107 listings that are now within your reach.
Triangle-wide, homes are selling for 97.6% of their original asking price. If you do some complex algebraic equations, that means your offer using a conventional loan puts you in the running for homes asking $435,000 - or an additional 190 homes that would otherwise be unavailable.
Thinking about making 2017 the year you move? Give me a call and I can set you up with some great lenders.