THE MARKET! (BRUTAL HONESTY!) MUST READ!

By
Real Estate Agent with Century 21 Alliance

 

So..........

 

      I have not written a blog in a long time.  Part of the reason is this market has been so uncertain and has been uncertain for a long time.  I was tired of being a whipping boy for some a**hole on Zillow to call out that I was just a salesperson waiting for my next mark.  I want to feel genuine when I make a post and not feel I am misleading anyone.  I have practiced good social media, passing on what I consider to be relevant Real Estate news and adding comments about our condition but have held back on a rant.......

 

I am so frickin ready....

 

Most of you who know me would consider me liberal.  People that knew me 25 years ago would consider me a conservative.  The truth is I am practical and realistic.  I realize that there are some programs we have to pay for just because it would be too expensive not to.  Yes they are infuriating but necessary.  Sad truth.  Is Real Estate an industry that needs MORE government interference? 

NO!!!!!!!!!


Why????  It's so simple it's ridiculous!  Real Estate is a just what it's name implies.  Real, solid, tangible investment.  No matter what the rate of homeownership is there will always be a solid number of homes!  Will they be owned by the people that live in them?  Not in all cases.  That being said what is our indrustries cure?

1. Short Sales-- GET THEM DONE!  The whole idea of a short sale is to save both parties money.  The bank saves the money it would cost to foreclose and the homeowner gets out of a situation they can't handle.  The banks need to smarten up and get them done in a timely manner.  These properties could be earning money for the banks and other investors.  PLEASE!!!!  Put these properties to work!  Make short sales a temporary solution, not a permanent condition!

2. Foreclosures---  Same deal.  Get them done and recirculated!  

3. Shadow Inventory--- CRIMINAL!  Nothing but the manipulation of an already bad market.  The banks need to put down their cards and let the market bear what it will.  The shadow inventory is almost worse than actually flooding the market with low priced inventory.  The UNCERTAINTY has become tangable because of a media that elevates the hype to tangible speculation!

4. Mortgages-  Responsible LTV loans done with reasonable inquiries.  Make sure people are paying what they owe and then move forward.

Simple.... put real tangible assets back to work for our economy!  Stop holding up investment.  If people aren't homeowners they are renters, FINE! 

We tell people to stop paying their mortgage so they can qualify for a short sale?

We hold of foreclosure for months?

Think about it.....the only problem we have in Real Estate is the road blocks we have set up for ourselves.

The properties may be sold at less then the inflated value the bank put on it years ago and that is fine because we have already bailed the banks out.

I feel like Mel Gibson in Ransom, except it's not my son that's been kidnapped it's our market.

 

GIVE ME BACK MY MARKET!!!!!!

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Groups:
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Pennsylvania Realtors
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Anonymous
Pete

John,

 Have the programs Obama had in place over the last two years helped or hurt? 

Sep 27, 2011 01:43 PM #1
Rainer
112,078
Carlotta Remong
Berkshire Hathaway HS N.E. Prime Properties - Newport, RI

Great post....try to stay positive and hopfully you will get your market back!!

Sep 27, 2011 01:57 PM #2
Rainer
39,248
John Ryan
Century 21 Alliance - Havertown, PA

Pete, If it held up the inevitable it hurt.  It it put someone on the right track and made them contribute great.  Unfortunately, as my father always reminded me, "the road to hell is paved with good intentions."

 

Sep 27, 2011 01:58 PM #3
Rainer
295,283
Brian Morgenweck
Power Realty Group, LLC Bergen County, NJ - Hackensack, NJ
Broker/Owner, GRI, CRS, ABR, SRS

Hey John,

Love the candor! It's refreshing & I agree on almost all fronts. I'm just not crazy about dumping all the properties in shadow inventory on the market.

It's a conundrum for me since I'm a "free-market" guy all the way... But, the effects on values for all of the folks who need to sell (& can't wait) & struggled to keep current with their mortgage obligations...well, they end up getting slaughtered in the process as an "unintended consequences" category!

If government stayed the hell out of the way from "Jump St", we wouldn't be dealing with this ^&%$ market & there most likely wouldn't be anything lurking in the shadows.

I appreciate your thoughts. Keep writing!

Sep 27, 2011 02:10 PM #4
Rainer
39,248
John Ryan
Century 21 Alliance - Havertown, PA

Brian,

     I used to agree with you on that point but I think it is propaganda now.  A twin across the street from me went from short sale to hud owned to sold for 160K in a 225K area.  Just up the street, same design twin listed for 309K!  Really nice but I thought the Realtor was nuts!  Guess what?  Went under contract in less than a week.  I think the distressed properties will sell for distressed priced and don't really compare to our good inventory.  When they are unknown quantities in shadowland people can point to them and say "wait".  Let's get it over with and put those houses to work, this soft landing bs isn't working and the housing market needs to recover and can't with the "uncertainty".  Will it cause a hiccup?  Maybe.  Could it be much worse?  Doubt it.

Sep 27, 2011 11:03 PM #5
Rainmaker
1,992,510
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

It's still Supply and Demand, and some of the competing supply is REO Wholesale property !!!!

Sep 28, 2011 09:01 AM #6
Rainer
39,248
John Ryan
Century 21 Alliance - Havertown, PA

Michael,

    I think we are competing with the Shadow Inventory.  When people get the opportunity to see the difference betwwen REO and properties properly prepared they realize you get what you pay for.  My point is uncertainy needs to be removed from the supply.  Yeah demand sucks but we could change that by removing the uncertainty!

 

Sep 29, 2011 02:05 PM #7
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Rainer
39,248

John Ryan

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