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Active Rainers and Inman News.. (Thank you Matt)

By
Real Estate Agent with 1

I just wanted to thank Matt Heaton for pointing this out tonight - I actually did not see it, until he brought it to my attention.  Thank you again!!

Last week I was interviewed by Matt Carter of Inman News. (Subscription may be required).  He asked me a series of questions regarding where I thought the market was going and what to do when "buyers just won't make a move".  I wish I had a crystal ball for buyers and sellers and I wish that I could give all the answers to the questions that have been laying around for months unanswered.    I can't forsee the future, but I do see that the buyers/seller have educated themselves and they research the market.  The one piece of advice that I will always stand behind is if you are buying a home to live in for at least 5 years - then buying is never a mistake.  It is better to buy a home and build equity than to pay rent.  There are homes in the 11357 zip code on the market that are affordable - listen, they may not be your "dream home" but it is a starting point.  You can always upgrade later. 

Here is a clip of the interview.   

"Broker Christine Forgione of Carollo Real Estate in Queens, N.Y., said buyers are educated, and realize that prices will only come down so far before interest rates go up.

Buyers "have watched prices come down, have read every real estate bubble article and have speculated that the market is going to bottom out," Forgione said. "My take on this is that to wait for the prices of homes to come down in price only means that the interest rates will go up. You cannot have both."

Like Crespillo, Forgione also makes a big picture pitch, telling potential buyers that owning a home makes good financial sense.

"I explain to them that it is better to pay more for a house and less for taxes than the reverse," Forgione said. "You will be paying the same amount in the long run, but it's better to have it building equity than going to taxes."

***Also, a huge shout out and congratulations to Robert Whitelaw,  Ira Freireich and Marguerite Crespillo

 

Comments (13)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert
Congratulations on the interview Christine.  Good advice I hope those that read the article take it.
Oct 30, 2006 01:00 PM
Maureen Francis
Coldwell Banker Weir Manuel - Bloomfield Hills, MI
Coldwell Banker Weir Manuel
Very cool Christine.  I was thrilled for you when I saw that last night.
Oct 30, 2006 06:50 PM
Sharon Simms
Coastal Properties Group International - Christie's International - Saint Petersburg, FL
St. Petersburg FL - CRS CIPS CLHMS RSPS
Congratulations! Using the 5 year point is putting things into perspective. As to your tax comment, here in Florida where we have a Save Our Homes cap, which year is your base year can make abig difference in taxes for every year you own it.
Oct 30, 2006 09:29 PM
Cheryl Johnson
Highland Park, CA

One minor point to all agents everywhere - when you are talking about income taxes, say "income taxes",  and when you are talking about property taxes, say "property taxes" ...

I can't tell you how many times I've seen clients eyes glaze over when they think you are talking about property taxes, but you are really talking about income taxes.

And by the way, a big Congratulations!!!

Oct 30, 2006 09:50 PM
Home Design
Alpharetta, GA
Home Design and Real Estate
Great Job Christine!  I'm glad they asked a real expert who knew what they were talking about!
Oct 30, 2006 10:50 PM
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time
I really enjoyed the article. Our Rainers did a wonderful job.
Oct 30, 2006 10:55 PM
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate
I  am actually from your neck of the woods, was an assoc. broker with a company in Roslyn Heights called Condo Specialists, now bought by Laffey Bros, i migrated to Florida in 1999 and resumed my RE career, anywya, I agree with you about buying versus renting, i was told to rent beofr i buy in case we didnt like it here ,i felt if we bought not only would the mortgage be lower, i would build equity, well it worked great,not only did i finally make money in the RE industry as an agent, i made 250k profit on my past home and bought bigger for more money and more equity in it, also have been buying and selling my own properties with a few partners and we made money on 11 transactions last yr, only the 12th has not sold yet, but we know you cant always make money, but the best decision i made was to buy my 1st home here instead of wasting money to support another HO's mortgage!
Oct 30, 2006 11:22 PM
Christine Forgione
1 - Whitestone, NY
Associate Broker

Cheryl - You are absolutely right.  It is one of those things that you assume everyone knows what you are talking about.. but,  when you ASS U ME... well - you know the rest.  Thank you for that pointer. 

Neal - Your right - when the tide goes one way and everyone is making money - people love you.  When the tide changes and people are holding on - people look for someone to blame.  In every investment, there is never a guarantee - just play it right, be patient and don't strap yourself. 

Bryant, Maureen, George, Sharon and Jennifer  - thanks so much - I will admit, it was quite a thrill! 

Oct 31, 2006 12:22 AM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty
Any way to see the article without having to subscriber to Inman News?
Oct 31, 2006 12:44 AM
Christine Forgione
1 - Whitestone, NY
Associate Broker
Ohh Man Tony - It was working for a while (last night) and now it is not.  I copied it - but it is on my puter at home.  Sorry!
Oct 31, 2006 12:47 AM
Cheryl Johnson
Highland Park, CA

I hope Mr. Inman will overlook any copyright concerns for the moment..... but for any Rainers who are not Inman members, I PDFed the story and uploaded it here

http://www.bob-taylor.com/inman-10-30.pdf

Oct 31, 2006 06:13 AM
Christine Forgione
1 - Whitestone, NY
Associate Broker
Cheryl - you are the best of the best!!  Thank you!
Oct 31, 2006 01:49 PM
"The Lovely Wife" The One And Only TLW.
President-Tutas Towne Realty, Inc. - Kissimmee, FL
Hey NY Chick...I am late getting to this. But I made it...And man, I am so proud to be able to call you my friend...This was really cool. Excellent my friend is famous now...Geez...Don't forget about us po' folk in Florida...TLW...ROAR!
Nov 02, 2006 10:33 AM