Interest rates were 10 to 14 % and home inventory was abundant,yet many homes sold and the industry did a reasonable volume of business. The late 70s and early 80s was a kick in the teeth for many midwesterners but ready, willing and able buyers actually bought millions of homes then.,
This the best time to buy homes since the financing is easy and the rates are low !
Quit your belly aching and find a buyer ,you are more apt to get paid by closing a deal!
John, In those days people had saved money for their downpayment and they weren't afraid of losing their jobs. Today is different. I have noticed an attitude in people of "you owe me". We still have people trying to buy with no downpayment and they have $200 in the bank and their credit is not so good. One lady called me and had a total of $12 and wanted to buy a house. It is up to us to educate the buyer on what it does take to buy a house today. Times have changed from those days. Rates were higher but people had money in their accounts and jobs were stable and plentiful and companies were loyal to their employees. This is just another cycle. So we all have a job to do. As you say quit belly aching and let's all work through this to make some changes. So let's do it!!!!
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