Okay, so maybe it's just a matter of perspective!
Maybe the sky ISN'T FALLING YET? Today I heard TWO things that I just have to address with my fellow professionals.
As I was getting a relaxing facial my estetician said "Hey, I heard that home loan rates went up to 8%!"
Then a few hours later at the market the 18 year old checker (who is going on to college in a couple weeks for a degree in economics) said, "I heard that we are headed into a recession!"
People...we HAVE to set the record straight! We have an OBLIGATION to counter the alarmist news coming out daily in the papers. Misinformation reproduces faster than a hutch of rabbits. (Not that the news media is filled with MISinformation...please don't sue me Mr Murdoch)
I live and work in northern California. In Solano County we currently have over 600 listings that are REO's or short sales. But you know what, EVERY day we have homes sold. EVERY day we have a happy buyer and usually seller too. EVERY day SOMEONE has obtained financing to secure their new home. There are still loan programs available for everyone who deserves a loan. Financially deserves a loan. And no, they are not all at 8%. In fact I would venture to say that very few are at 8%.
And as for an oncoming recession? Well, I'm no Mensa but I wouldn't put money on that prediction. I think that men and women way smarter than me are going to make sure that doesn't happen. The economy is basically in good shape. Unemployment in my area is pretty low. Consumers are still spending.
I'm no expert. I'm sure this post will hear from those who ARE experts. Bring it on, I say. All I want is for us real estate professionals to represent what WE know in OUR local markets to our clients. Speak honestly, intelligently and openly. "Yes" I said, " the market has slowed down because it is CORRECTING itself. But no, I don't know of anyone who has gotten an 8% home loan recently and I am not looking for a paycheck-type job."
Okay, I'm done ranting...NEXT!!!
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