Getting bank loans to buy a luxury home is a usual occurrence in California, however with the loan requirements getting stricter, it’ll get even harder to get a loan these days.

California banks are requiring higher credit scores and downpayments, resulting in fewer people applying for bank loans to buy luxury homes. According to a survey by the First Republic bank, the a luxury home in the San Francisco Bay Area declined 0.8 percent from the previous three months to $3 million.

“Values of luxury homes in California have declined slightly in price after many years of strong appreciation,” Katherine August-deWilde, president of San Francisco-based First Republic Bank, said in a statement.

So, if you have enough money on hand, today would be the best day to buy a luxury home.

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