What would Rip Van Winkle say about Homeownership Today?

Reblogger Tim Duvall
Mortgage and Lending with Area Manager at Guaranteed Rate, Inc 257308

If you have clients that are "on the fence" still about buying, please check out this post for a great allegory/example to share with your clients.  This really helps to put into perspective the historical opportunity that buyers have to capitalize on low rates, low home prices, and a great selection of homes offered by motivated sellers. 

Original content by Ruth Vogt 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.)

 

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

  Ruth Vogt Colorado Mortgage Lender

 Ruth Vogt, Branch Manager

   Colorado LMB #LMB100023827

   www.MyLenderOfChoice.com

   rvogt@wrstarkey.com

 

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Rainer
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Guy Thomas
WR Starkey Mortgage - Colorado Springs, CO

Hi Tim, way to go using this story to help your Realtors to see things in the proper perspective.

Dec 18, 2009 10:08 AM #1
Rainmaker
558,118
Cherise Selley
Selley Group Real Estate, LLC - Colorado Springs, CO
Colorado Springs Realtor

Tim...I've made some comments about Rip Van Winkle already...Hope your Christmas went well...I assume you're still attending Springs Calvary...May the Lord richly bless you with His word for 2010.

Dec 26, 2009 11:23 PM #2
Rainer
14,862
Tim Duvall
Area Manager at Guaranteed Rate, Inc - Colorado Springs, CO

Hi Cherise,

Great to hear from you, and that is too funny that you'd already commented on the Rip Van Winkle idea in the past.  My boss and I attended a seminar with Barry Habib, one of the top mortgage experts in the country, and he used this analogy very effectively to illustrate the great opportunity that buyers currently have. 

Kara & I (and our daughter Hannah) are still actively involved at Springs Calvary and things are going well.  I hope that you and Gordon and your kids all had a blessed Christmas and have a Happy New Year!

Dec 29, 2009 03:01 AM #3
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Rainer
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Tim Duvall

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