Or is it? The economic climate is changing. That is a given. Is it good or bad?
We won’t know till it actually happens, time passes and people look back at it with rose colored glasses.
Back in the ‘80’s people were buying and selling houses. The climate then was:
http://www.erate.com/mortgage_rates_history.htm
1980 had the index value at 11% working their way up to 15% in 1982. Read ‘em and weep!
Foreclosures Galore, Stock Market Crashes….
Do I see a correlation with what is happening now to what happened then? YES!
Why do I bring this up?
Because I know that this too shall pass!
Life cycles….Times are good, times are bad, times are “meh”.
The question to ask yourself is WHERE ARE YOU GOING TO BE WHEN THIS PASSES?
Even when the market was growing like crazy a few years back, agents struggled to make a living!
Can you believe that?
Do you know why?
Because they didn’t know HOW to be in business!
They’d show up, close a transaction, leave for a month, come back to the office, close a transaction, leave for a month….
Get the picture?
This too shall pass, so stop whining!
BUYERS ARE OUT THERE!
Interest rates are LOOOOOWWWW!
Are you spending your time with people that aren’t going to buy anytime soon?
They’re just out there, taking their time looking which they should do…but NOT at the expense of you going out and finding yourself business! Real business!
And are you now frustrated because this business is too hard?
Then maybe this isn’t the business for you!
If it sounds like I’m frustrated, it’s because I am! I am FRUSTRATED with EVERY SINGLE AGENT, LOAN OFFICER AND TITLE REP that keeps talking about how HORRIBLE this is!
IT IS WHAT IT IS!
These are the same people that refuse to be out there, working on generating new business, but happy
to bend the ear of new agents who are eager to get their business up and running, and POISONING
them!
That’s the bottom line folks! New agents are being poisoned, and I WILL NOT HAVE THAT!
Not on my watch!
So, just as a reminder, here’s what it was like, back in the “Good Ol’ Days”….
1981 - Slow After 70's Slump
New Jersey Housing; SELLING YOUR HOME? TRY A RAFFLE
By ELLEN RAND
Published: October 11, 1981
http://query.nytimes.com/gst/fullpage.html?res=950CEFDD1339F932A25753C1A967948260
1982 - Real Estate Buzz Begins
EXPANDED REAL ESTATE SECTION IS PLANNED FOR SUNDAY TIMES
March 17, 1982, Wednesday(NYT); Metropolitan Desk
Late City Final Edition, Section D, Page 22, Column 1, 328 words
Economic Scene; Slump's Effect On the Banks
October 22, 1982, Friday
By ROBERT A. BENNETT (NYT); Financial Desk
Late City Final Edition, Section D, Page 2, Column 1, 900 words
http://select.nytimes.com/gst/abstract.html?res=FB0D1EF93E5F0C718EDDA90994DA484D81
WHETHER one blames so-called Reaganomics, supply-side economics or monetarism, the country is feeling the effects of a classic recession, following an inflationary boom. As in past recessions, banks have not been spared the agonies, as was evident at this week's annual convention of the American Bankers Association in Atlanta....
1983 - Real Estate Gains Limelight
THE EMPIRE AND EGO OF DONALD TRUMP
By MARYLIN BENDER; MARILYN BENDER, A JOUNALIST AND AUTHOR, WRITES ON BUSINESS FROM NEW YORK
Published: August 7, 1983
http://query.nytimes.com/gst/fullpage.html?res=9C05E7D91E39F934A3575BC0A965948260
1984 - Prices Begin To Skyrocket
NEW YORK AREA ECONOMY ON THE MEND AS '83 ENDS
January 1, 1984, Sunday
By DAMON STETSON (NYT); Metropolitan Desk
Late City Final Edition, Section 1, Page 19, Column 1, 668 words
http://select.nytimes.com/gst/abstract.html?res=FA0810F9395C0C728CDDA80894DC484D81
THE NATION; Boom in House Foreclosures
February 24, 1985, Sunday
By KATHERINE ROBERTS, CAROLINE RAND HERRON AND MICHAEL WRIGHT (NYT); Week in Review Desk
Late City Final Edition, Section 4, Page 4, Column 2, 288 words
http://select.nytimes.com/gst/abstract.html?res=FB0E16FE385D0C778EDDAB0894DD484D81
The only sure thing in the housing market is that sure things can lead to disaster. A few years back, many families stretched their budgets to buy houses at high interest rates, figuring that if times got tough, they could always sell and make a profit. But today, tens... 1986 - Manic Pace
U.S. INQUIRY FINDS PATTERN OF FRAUD IN HOUSING LOANS
By PHILIP SHENON, SPECIAL TO THE NEW YORK TIMES
Published: January 21, 1986
http://query.nytimes.com/gst/fullpage.html?res=9A0DE6D81130F932A15752C0A960948260
1987 - Cracks Appear At The Top
ECONOMIC GAINS FOUND SOFTER IN NEW YORK AREA
January 11, 1987, Sunday
By PHILIP S. GUTIS (NYT); Metropolitan Desk
Late City Final Edition, Section 1, Page 29, Column 1, 691 words
http://select.nytimes.com/gst/abstract.html?res=F4071FFF3F540C728DDDA80894DF484D81
1988 - The Crash Begins
Business Growth Is Slowing in New York
January 6, 1988, Wednesday
By THOMAS J. LUECK (NYT); Metropolitan Desk
Late City Final Edition, Section B, Page 3, Column 1, 1055 words
http://select.nytimes.com/gst/abstract.html?res=FB0715FB3A5D0C758CDDA80894D0484D81
A Year After the Crash, Climbing Back; Resilient Economy Puts Home Buyers Back into Market
By ANTHONY DEPALMA
Published: October 16, 1988
http://query.nytimes.com/gst/fullpage.html?res=940DE2DB113DF935A25753C1A96E948260
A YEAR after Wall Street quaked last Oct. 19, tumbling much of the real estate market with it, most residential
properties have sprung back smartly.
But those closest to the epicenter - houses and apartments destined for buyers with incomes earned from the financial markets - are still slithering around in a slough of weakness.
1989 - The Market Turns
Home Prices Increase 3.4%
February 15, 1989, Wednesday
REUTERS (NYT); Financial Desk
Late City Final Edition, Section D, Page 20, Column 4, 229 words
http://select.nytimes.com/gst/abstract.html?res=FA0713FE3B590C768DDDAB0894D1484D81
Prices of existing homes rose 3.4 percent last year, but despite the moderate increase, many first-time buyers are being priced out of the market in some areas, a national real estate group said today. Prices of existing homes rose 3.4 percent last year, but despite the moderate increase,...
1990 - Bank Failures And Foreclosure
Mortgage Delinquencies Increasing
By THOMAS J. LUECK
Published: January 14, 1990
http://query.nytimes.com/gst/fullpage.html?res=9C0CE5DA163BF937A25752C0A966958260
1991 - A False Glimmer Of Hope
After a Long Slump, Home Sales Rise
By THOMAS J. LUECK
Published: August 25, 1991
http://query.nytimes.com/gst/fullpage.html?res=9D0CE7D7103AF936A1575BC0A967958260
SALES of houses, co-ops and condominiums in the New York metropolitan area, still near the bottom of a slump that has been longer and deeper than any since before World War II, have improved steadily since the spring in what analysts say is the beginning of a slow recovery.
For sellers, the long slump has given rise to a new calculus in housing finance. They may accept less than their house was worth in the recent past, but they pay less for whatever they are buying in replacement.
Home Buyers Holding Off Despite Low Interest Rates
By THOMAS J. LUECK
Published: October 27, 1991
http://query.nytimes.com/gst/fullpage.html?res=9D0CE1D7153BF934A15753C1A967958260
DESPITE a steep decline in interest rates that has brought fixed 30-year mortgage loans to below 9 percent for the
first time since 1977, home buyers are holding back across most of the nation in what experts say are
stubborn fears that job cuts and other recessionary pressures will persist.
Elsewhere in the nation, home sales have declined steadily at the very time that interest rates have dropped most
sharply.
In This Buyers' Market The Buyers Are Edgy
Surge in Home Foreclosures and Evictions Shattering Families
By NICK RAVO
Published: November 15, 1992
http://query.nytimes.com/gst/fullpage.html?res=9E0CE1D81E3DF936A25752C1A964958260
The number of homes in foreclosure in New York, New Jersey and Connecticut has almost doubled since the middle of last year, rising to levels not seen in decades.
1993 - Hope For A Bottom
Have Suburban Prices Hit the Bottom?
By NICK RAVO
Published: February 28, 1993
http://query.nytimes.com/gst/fullpage.html?res=9F0CE7D9153CF93BA15751C0A965958260
1994 - Disappointing Bounce
Residential Real Estate Market Rebounds in New York Region
By NICK RAVO
Published: January 23, 1994
http://query.nytimes.com/gst/fullpage.html?res=9801E6DF1030F930A15752C0A962958260
In the Region/Connecticut; 'If You're Breathing' You Can Get a Home Mortgage
By ELEANOR CHARLES
Published: April 2, 1995
http://query.nytimes.com/gst/fullpage.html?res=990CE1DB123AF931A35757C0A963958260
Information gathered here: http://njrereport.com/80sbubble.htm James Bednar (thank you!)
714/837-7753
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