What would Rip Van Winkle say about Homeownership Today?

By
Mortgage and Lending with Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. LMB100023827. NMLS257576.

Most of us are familiar with the tale of Rip Van Winkle who falls into a deep sleep after drinking a mysterious brew. Ever wonder what HE might say if he woke up today after a ninety-nine year nap about homeownership? It might go something like this:

What? I can buy a home for 30% less today than if I'd woke up 3 years sooner?

What? Inventory is much, much greater today than it was 3 years ago?

What? I can get these great savings, yet sellers are willing to negotiate with me because they WANT me to buy their home?

What? There are financing options allowing me to borrow, in some cases, 100% of the price of my home vs paying cash for it?

WHAT? The interest rates are witihin 1/8% of the lowest they've been for the past 315 years?

WHAT... YOU HAVE TO BE KIDDING ME???? On top of that, the government is going to give me $8,000 after I buy the home.

WHAT??? As my buyer's agent YOU are going to pay for the gas to drive me around to look at all these houses???

Last question: When can we get started?

(This was my interpretation of a story given to us at an office meeting by Barry Habib yesterday.)

 

Posted by

Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.

Ruth Vogt Colorado Mortgage Lender Ruth Vogt, Sales Manager

 #LMB100023827, NMLSR# 257576

 Equal Housing Opportunity. 

 Regulated by the Division of Real Estate.

   www.ColoradoHomeLender.com

   ruthv@fairwaymc.com  303-881-7849.

 

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Nevin Williams 12/18/2009 04:02 AM
  2. Tim Duvall 12/18/2009 08:36 AM
Location:
Colorado Douglas County Littleton
Groups:
Colorado Springs Neighborhoods
Colorful Colorado
Keller Williams 'Rainers
WR Starkey Mortgage
Tags:
buying a home
home buying

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Show All Comments
Rainer
41,186
Jill Schmidt
Aurora, CO

Ruth - That's a great spin on today's market.  Thanks for sharing.  Have a great holiday.

Dec 18, 2009 04:01 AM #1
Rainmaker
423,076
Nevin Williams
Fairway Independent Mortgage Corporation - Cary, NC
Senior Mortgage Advisor

Ruthg- This is straight to the point and I love it.  So much so that I flagged it for feature and re blogged it.  Great job highlighting the "no brainer" reasons to buy a home NOW!

Dec 18, 2009 04:03 AM #2
Rainmaker
454,955
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com

Jill, isn't that a great way to look at homebuying opportunities today, isn't it?

Nevin, Thanks for stopping by! I'm at a Keller Williams office right now doing a training and we're covering COMMENTS and using YOURS as an example!

Dec 18, 2009 04:29 AM #3
Ambassador
535,281
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Ruth - Creative and I like it.  I wonder if folks will be willing to peer through this interpretation of whether or not it is a good time to buy a home.  Heck, as long as their particular finances are in order and they have the desire/want... we are looking at one of the greatest opportunities that buyers of homes may ever have.

Dec 18, 2009 04:58 AM #4
Rainmaker
203,600
Celeste Chism - Serving You in Crossville, Fairfield Glade, Lake Tansi & Cumberland Cove
Legacy Realty - Crossville, TN
Serving You is My Top Priority

Thanks for the interesting article on today's market.

 

~ Celeste ~

Dec 18, 2009 05:04 AM #5
Rainmaker
660,188
Christine O'Shea
Christine E O'Shea Broker - Naples, FL

Ruth, Congrast on the feature and it is all so true!  Prices are great, it is the best time to become a buyer.

Dec 18, 2009 05:12 AM #6
Rainer
14,862
Tim Duvall
Area Manager at Guaranteed Rate, Inc - Colorado Springs, CO

So true!  This is a great way of putting in perspective the current opportunities available for would-be home buyers!

Dec 18, 2009 07:06 AM #9
Rainmaker
409,265
Marian Goetzinger
Pine Knoll Shores Realty 252-422-9000 - Pine Knoll Shores, NC
Crystal Coast Real Estate NC

OK, Ruth,  Great Blog, but I'm having trouble waking him up! LOL

Dec 18, 2009 07:09 AM #10
Rainmaker
325,921
Esko Kiuru
Bethesda, MD

Ruth,

If Rip woke up in Vegas he would get the house for 50% less, for starters. And how about those mortgage interest rates? Nice.

Dec 18, 2009 07:14 AM #11
Rainmaker
236,177
Patricia Beck
RE/MAX Properties, Inc., ABR, GRI, SRES - Colorado Springs, CO
Colorado Springs Realty

Everything is in the buyer's favor right now, especially, the low interest rates!  I hope buyers who are still sitting on the fence read your post!

Dec 18, 2009 07:32 AM #12
Rainmaker
198,128
Phil Caulfield
Cardinal Financial Company, Limited Partnership - Burlingame, CA
I Get The Loans Done That The Big Banks Don't!

Congrats on the feature Ruth. You forgot what - I get gray hair by going through the loan process?

Dec 18, 2009 08:13 AM #13
Rainer
63,430
James Lyon
Vista Pacific Realty - Sacramento, CA

Nice post, but there is not a lot of inventory out here. There is just not that much on the market.

Dec 18, 2009 08:18 AM #14
Rainmaker
636,567
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Hi Ruth, I love the idea of Rip Van Winkle - very creative!  So many good reasons why, at this point in time it's a great time to be a buyer!  Congrats on the feature, Ruth!

Dec 18, 2009 01:28 PM #15
Anonymous
Sybil Campbell

Ruth,

It is too bad that a lot of the buyers who bought at the height of the market were not Rip van Winkles!

Dec 18, 2009 04:08 PM #16
Ambassador
2,011,593
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

That's a great explanation of today's market.  Unfortunately for our buyers, we have pretty low inventory these days though we usually have motivated sellers.

Dec 19, 2009 03:39 PM #17
Rainmaker
454,955
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com

Jason, That's exactly what Rip VW thinks! hee-hee!

Celeste, you're welcome. glad you like it.

Christine, thanks for the congrats. It really is a good time.

Corrine, "get it while it's good" ... absolutely.

Dec 20, 2009 12:24 PM #18
Rainmaker
454,955
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com

Tim, We do tend to take good for granted, huh?

Marian, I fear we all have one that's giving us the same problem!

Esko, And the great rates aren't going to last for much longer, I fear.

Patricia, Me, too!

Phil, you're right! I did forget that part!!!

Dec 20, 2009 12:29 PM #19
Rainmaker
454,955
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com

James, that's great!

Mary, thanks for the grats, and truly I thank you for stopping by!

Sybil, if we all had 20/20 hind site, what fun would it be??    :)

Christine, that's great news!

Dec 20, 2009 12:42 PM #20
Rainer
19,956
Wendi Milinkov
North American Title - Greenwood Village, CO
One call-I've done it all! Sales/Title/Escrow

Very creative!

Jan 06, 2010 01:43 AM #21
Rainmaker
454,955
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com

Wendi, HEY, lady... great hearing from you, and thanks so much for stopping by!

Jan 06, 2010 12:47 PM #22
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