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If Bernanke lowers the interest rate...do you think that will spark homebuying?

By Keith Elliott Jr

Real Estate Agent with KEIRE Realty Group

September 02, 2007 03:51 PM

Inflation is a big problem overall though. It's awful that a box of cereal costs as much as a gallon of gas in some areas. I think consumer spending is also a problem. I'm reminded of it every time I go through a fast-food restaurant drive thru when I see the sign that says "We Accept Visa, MasterCard, Discover, ATM Debit". And heck, tickets to a movie are almost $10 bucks these days. Is there anything we can do as Consumers that might help the economy? The answer is probably something like "sure, SPEND YOUR MONEY"!

What are your thoughts on this topic?

-Keith

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I am a full-time real estate agent and Realtor®. I am very aggressive and put my clients needs above that of even my own. I am not married or have any children so I am usually available if you have any questions or concerns. I do take my profession very seriously and know that when my clients entrust me with their real estate needs, I need to do the best job I can for them so that they can get what they want in the time they want.

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Keith M. Elliott Jr.
PRINCE WILLIAM COUNTY REAL ESTATE EXPERT
Realtor®, e-PRO®, ABR®, SRES®, Commercial Specialist®

RE/MAX Olympic Realty
15100 Washington Street
Haymarket, VA 20169
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Jennifer Hillegas

Sign Your Deed Realty - Rome, GA

Every Seller Does It!

Lowering the short term rates will help the people that get short term loans at the banks and commercial loans from the banks. For the self employed borrower that owns a business and needs to refinance it should be great to refinance the business debt and get a lower payment to qualify to buy a bigger home or a 2nd home. It may take more than lowering the rates for (blue collar) people to buy right now. It would help if gas prices were back at $1.50 per gallon! HAHAHAHA that is a joke of course!

Sep 02, 2007 04:04 PM

John MacArthur

Century 21 Redwood - Washington, DC

Licensed Maryland/DC Realtor, Metro DC Homes

I think that lowering the rate is the only thing that will energize the market now. The new guidelines will help those caught in loans that have reset beyond their ability to pay. As you well know, our DC market is mired in fence sitters and an abundance of new listings. We only need the feds to lower the rate a quarter point and those waiting to move will re-enter the market. I significant reduction will relieve the tension that exists now.

Lowering the rate, combined with the new FHA guidelines will be felt at the conforming and below level first. If we see activity with first time buyers, we will experience upward pressure that will bode well for the spring market for higher priced homes.

Sep 02, 2007 04:26 PM

Tina Maraj

RE/MAX One - Fullerton, CA

Celebrating 30 Years of Real Estate Sales

I believe it will help a lot. Lower payments and lower price should spark more buyers interest. We should all be educating our buyers on how great of a time it is to buy right now!

Sep 03, 2007 02:25 AM

Bill Nazur

First Lending Solutions - Riverside, CA

Lowering rates will help move SOME inventory, but when the national inventory is sitting somewhere between 10 and 12 months, do you believe that dropping the price wouldn't make more sense? Oh wait, that means sacrifice, which is the governments' responsibility. Can you sense my underlying annoyance with the issue lately? Everyone in our industry including the consumer needs to understand that it took years to create the market we're in, and regrettably, will take at least 18 months to 2 years to get back on solid footing. It is the normal real estate cycle that we've seen dating back to the '80s when I entered the industry as a pup.......

Money stagnates if it is not moving....right now the investors that buy the mortgages aren't moving it because they can't see the bottom of this whole mess. Once they do, they will begin to jump back into the market, and we will begin to move forward once again. I wish it were soon, but I don't seriously believe it will be. :(

Sep 03, 2007 09:14 AM

Missy Caulk

Missy Caulk TEAM - Ann Arbor, MI

Savvy Realtor - Ann Arbor Real Estate

Actually I think it will help the buyers sitting on the fence. I can't even imagine charging my lunch at Wendy's.

Sep 04, 2007 09:47 AM

Jim Crawford

Long & Foster - Fredericksburg, VA

Jim Crawford Broker Associate Fredericksburg VA

No I do not think a rate drop will spark anything. Nor do I think the Fed wil drop the rates! I think reality is setting in that this was not a very smart thing that happened! Lending to unqualified buyers wasn't a very bright idea!

Lowering rates, may prolong the problem. Lowering the rates may help some persons that purchased a home they would normally not be able to afford...perhaps allow them to qualify for a fixed rate loan. Currently most will not even qualify to refinance their own loans. My concern is that these are persons that are in a position they cannot back out of. It is very scary in the Atlanta area. 52% of every loans written in the state of GA last two years were 100% interest only. Foreclosures are rising in incredible numbers, In normal times, none of thee buyers would have ever qualified for a loan. Now guess what? They cannot repay the loans. Don't tell me no one saw this coming. I personally see no rate drop unless there is a major drop in all financial markets, I do not believe the Fed will bow to pressure to do so. The Fed is known as the "Lender of Last Resort!" The title alone is scary!

Sep 04, 2007 11:37 AM

Anonymous

Roger Hollingsworth

The parallels over here in the UK are striking. We are probably upto 12 months behind the US - we are already seeing an increase in repossessions and a softening of prices in some parts of the country.

It is clear that there will be a tightening of credit as lenders are forced to re-appraise risk - and that means mortgage rates will rise - no matter what the central bankers do.

The Market will decide what happens next.

Sep 05, 2007 03:30 AM

David Slavin

Keller Williams Premier - Katy, TX

CDPE, ABR, SRES Keller Williams Premier

The rate WILL be lowered this month and it will help spark the economy but as far as home buying? I think it will help keep buyers in the market.

Sep 05, 2007 04:50 AM

Jack Pearce

RE/MAX Valley Real Estate - Boardman, OH

Broker - ABR, ASP, CSP, ePRO, GRI

More government intervention? Artificially lower interest rates? I say NO. We got ourselves into this mess when our "astute" liberal lawmakers asked Fannie Mae and Freddie to lower their borrowing standards so more people could take part in the American Dream of homeownership. (Having collected all their do-good votes, these same lawmakers are now Johnny-On-The-Spot to pass the blame to the "greedy" mortgage companies for all our sup-prime and non-conventional woes).

The bail-out now is to lower interist rates which will raise prices on the underlying bonds. Finance 101 tells us that that leads to lower yields. So investors take it on the chin again because lawmakers (who never took finance 101) can't keep their grubby hands off. All elected officials should take an oath that when elected, they will sit there and do nothing. We'd all be better off.

Go ahead - lower the interest rates. We'll all be paying for it in the future.

Sep 05, 2007 05:44 AM

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