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What Are You Doing To Ensure You Stay Above the Status Quo???

By Rachel Jones

Real Estate Agent with Charles Rutenberg

August 24, 2007 08:25 AM

More than 50,000 in the mortgage biz gone already 30,000 just last week. And 100,000 less realtors. And it's just getting started. The mortgage market has really spiralled, with that in mind. It is a great deal harder for buyers to buy, and sellers to sell. Banks are closing their doors daily, and the intrest rates have become unbearable for even the best of credit scores.

Share your thoughts! Although the market is not what is used to be 3 months ago, less more, three years ago. I strongly believe it will turn around.

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Beth Bastian

Rosemont Financial Inc - Simi Valley, CA

Simi Valley Real Estate

It will turn around, we just don't know when. I think that 50knumber is way under the mark, it does not count all the escrow/title and apraisers that have lost there income.

Aug 24, 2007 08:32 AM

Gareth Bourriague

Benchmark Mortgage of Louisiana - Baton Rouge, LA

Benchmark Mortgage

I'm going to respectfully disagree with you on the "interest rates have become unbearable for even the best of credit scores" point - this is not the case. If your clients are purchasing homes that require jumbo loans, then possibly, but the Fannie/Freddie products are still viable and interest rates are very attractive, especially after this week's bond market performance.

As far as the jumbos go, a client who can afford a home of that size/amount can generally afford to pay the increased interest rates that go with that loan size, in my experience.

Aug 24, 2007 08:52 AM

Rachel Jones

Charles Rutenberg - Islandia, NY

Cert. Short sale Specialist, Long Island Realtor L

Gareth, I can see where you would disagree; however, the average house in Suffolk County, New York is about @$425,000. This is above the Fannie/Freddie guidelines, so yes, most clients would need a jumbo. Thank you for your response!

Aug 24, 2007 09:16 AM

Gareth Bourriague

Benchmark Mortgage of Louisiana - Baton Rouge, LA

Benchmark Mortgage

We're a little lower than that in Louisiana. =)

Aug 24, 2007 11:11 AM

Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional

Charles Rutenberg Realty - Clearwater, FL

Palm Harbor, Dunedin, Clearwater, Safety Harbor

It is busy for my partner and myself! We are down here at EXIT in Port Charlotte, Florida and we have had 4 different sets of clients fly in from out of state THIS WEEK alone! This summer is 100% better than last summer! Most of our leads start on the internet, but we are REALLY busy right now!

I think many people are realizing if they want to get a deal, they need to do it now...BEFORE things start to shift again-

Aug 24, 2007 12:25 PM

Rachel Jones

Charles Rutenberg - Islandia, NY

Cert. Short sale Specialist, Long Island Realtor L

Exit Always does it better :-)

Aug 24, 2007 04:22 PM

Kimberly Grant

Exit Leon Crawford Realty - Huntsville, AL

Real Estate Agent - Huntsville Alabama

Its all about change. You either adapt to survive or you get left behind. I actually read an article that said that real estate still needs to loose about 25% more. I plan to be in the group that is still standing when the dust settles.

Aug 24, 2007 06:05 PM