In S.E. Pennsylvania, most of my conversations, recently, have to do with the DEAD market. Whether I'm talking to REALTORS®, Lenders, Title people, appraisers, etc., the name of the game is DEAD. A long-time lender, I work with on a regular basis, told me today his business is down 60% this year vs. last year. YIKES!
My own business is dreadful. I have listings out the Wazoo (technical real estate term) but where are the buyers? There have been loads of tire kickers, and loads of great feedback, but we're still waiting for offers.
I've also been watching the news. All this talk about raising the debt ceiling to prevent the U.S. from defaulting on its debt is scary! On one had I don't think we should do it. At some point the brakes MUST go on all the overspending and we must pay the piper. That is a no-brainer.
On the other hand I hear them saying that if the U.S. defaults and our dollar loses value, world-wide, interest rates may skyrocket to 18% (think 1980's.)
- Will the threat of 18% rates spur buyers to get out there and buy up all this endless inventory of houses?
- Will 18% rates make housing unaffordable for a nation that has forgotten to save money for a rainy day.....or a house?!?
- Will raising the debt ceiling and keeping rates low just perpetuate a dead market?
These are all questions without concrete answers. As a citizen of this great nation I believe we must not raise the debt ceiling and we must bring down the debt.
As a real estate professional I am so worried about the potential fall-out on our industry. I dont' know the answer but my GUT says do the right thing for the nation and everything will fall in place down the road.
Raise the debt ceiling? Yes or No?
Debby Singleton - 610-496-9094 - Licensed in PA since 1993
RE/MAX Results Realty - Collegeville PA 19426 - 610-489-7355
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