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15 Comments on Mortgage applications fell by 9%, is that true?
Hopefully with rates on the rise, buyers will realize that affordability is decreasing and will get off the darn fence!!
Most of my current buyers are cash buyers. I do have a few that are pre-approved...for what that word is worth...
this is why i dont watch the news... Work your tail off, and everything else will fall into place. You can tell me they're down 50%... who cares. I will still be pounding the pavement and making a good living while more of my competition gets weeded out.
Todd, great post, I think that some buyers are still frightened by the media's constant stories about how tight the restrictions are by the lenders and how difficult it is to obtain a mortgage. The fact is, if you are looking to buy, you may never again see interest rates this low.
Todd, Your clients are fortunate that you have a home schooling background. You believe in educating both your kids and your clients...
Great positive logic and perspective. People are just frozen in fear I think, still waiting to see if they are going to have a job, and if the wolrd is going to implode.
Hey Todd! I always enjoy your articles. What happened to the "reblog" button?
Have a great Sunday.
Blessings, Jill
Over the years, I remember seeing old deeds of trust and notes with 12%, 14% and even 18% interest rates. I remember asking one estate planning client about the 16% interest rate. Her response surprised me at the time. She didn't miss a beat - she said "We were happy to get a loan to buy the home." At the time, loans were difficult to obtain. Property was subject to redlining in some case. Downpayments were substantially higher. It is amazing how many people search for 1/4 of 1% interest rate and complain about 5.5% as a rate. Times have definitely changed. Maybe making it too easy wasn't the right answer.
It amazes me with all the incentives going on for first time home buyers that more are not out buying. Heck why not? Are they expecting it to drop even more? I guess in a few months we will see who is right about what will happen over the next couple months.
Let's all hope for the best and the economy to turn around and job cuts to stop!
Todd
The media does not help an awful lot, and this cycle will take time. In the 80's I remember them coming out with an ARM product and the rate was only going to be 10.5%. A deal at that time.
I was very interested when I first heard about the interest rates in the 80's! Hope they (interest rates) stay low for a while longer, too many of the buyers are not fitting into the first time home buyer bracket and we need BUYER INCENTIVE for them to purchase those vacation homes and investment properties!
Todd --- you are so right --- it is always a good time to buy a home. I was in the r.e. business when rates were 19% --- we still sold homes - notice I said homes, not houses.
I've bought and sold homes in all ranges of mortgage interest rates. Over the long haul home ownership is a good thing.
Todd, I know we talked about you changing your niche, but this is the exact reason you should be listing homes that offer owner financing. People are tired of the bank industry and they are looking for an alternative that is out there and if you are the one offering it, they will naturally find you!
Thanks for this good article and encouragement that now continues to be a good time for a homebuyer, and that's true here in Orange County, CA.
Question: Are Mortgage Applications The True Indicator of Where Residential RE Market is Going? http://tinyurl.com/n9etkb
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