REALTORS are greedy too.
I just got back from NAR week where we lobbying our Senators and Representatives to get favorable legislation to “help” the real estate business. What we were really doing was being greedy and putting our hand out like every other beggar. What we should be doing is crafting long term solutions by telling congress STAY OUT of our BUSINESS!
1. DON’T create legislation that causes hundreds of thousands of buyers to default {CRA}
2. DON’T mandate that lenders lower their underwriting standards which foster bad loans and cause ARTIFICIAL price increase due to the ARTIFICIAL excess demand
3. DON’Tcreate temporary incentives that make buyers want to buy now and increase our shorter production but will harm long term values and sound business practices.
4. DON’T meddle in business you know NOTHING about
5. DON’T keep lowering interest rates
The artificially low interest rates of the last decade have caused ARTIFICIAL price escalations. Believe it or not 15-30 year fixed rate mortgages should be in the 7-9% range. When the FED manipulates the market kkeping rates down, more people can affrd to buy so demand increases which cause prices to inflate which prices people out of the market. If rates remained in the 7-9% range we would have orderly appreciation demand/supply would remain relatively stable and we would all enjoy a steady flow of business instade of these wild peaks and valleys.
Let’s all get together and demand congress stop manipulating the market and return to “Laissez-faire” business as usual.
Jeff Underwood, ABR, CRB, CRS, RAA
Attorney-At-Realty
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