Something very interesting happen to me this week. I had 3 deals from 3 different parts of the Northeast. Considering that deals have been slow in coming, this would have made for a fair week so far, but the real story is all 3 were from Financial Planners. All have been in the business many years and all 3 work for different companies. Two were buying Primary Homes and One a Vacation Home. In talking with them they all felt that the market had reached (at or near) bottom and NOW WAS THE TIME TO BUY! They all felt that in 2008 the market may start to rebound, although slow. What the Fed. has done so far will help mainly those who are tied to the prime. Commercial borrowers as well as Home Equity Line Of Credits. Interest rates may come down, but rates are already good. Lets hope the financial planners are right. I feel we all could use some good news, together with a little boost of Consumer Confidence. Recent Update: As of 1/4/08 I just received 2 more calls from a Financial Planner and a Commodities Trader, both are out with Realtors looking at Vacation Homes.
Good Ole Rocky Top - Crossville, TN
Realtor/ Auctioneer
All it would take is the media to put on a good positive face to kick this market in the butt again. If you are a buyer what more do you need. Great interest and great inventory. It seems that people buy better if they think there is no more.
Dec 12, 2007 12:54 PM
NMLS# 729950 - Manahawkin, NJ
Mortgage Officer 46 years!
Hi Vicky:
It appears that the market is getting set to make some type of return. The ball is now in the Senate's court and the consumer has been made aware of some of the pitfalls that unfortunately some of the mortgage brokers put them in. Going forward the good will remain standing in both our professions and good home buyers, with actual incomes will be buying homes. Sounds like the old days, which were not too bad.
Dec 12, 2007 01:02 PM
Realty World J. Pavich R.E. - Estero, FL
Fort Myers Florida Homes,
YEAH, that's what I like to hear and Merry Christmas to you!
Deanna Casalino Remax Realty Group
Fort Myers Florida
Dec 12, 2007 01:15 PM
Bavas Construction - Yardley, PA
Hi joe,
having a good outlook on the future is uplifting & healthy !!! but dont forget the 4th quarter #s in the markets are predicting a disaster for profit mostly in retail / sevice industry is down . restaurants are tring to work with a 34% increase in food costs this year alone. I have witnessed forclosures in my are that i have never seen before. fuel costs & heating bills are all time high. ( just filled my home heating oil $900.00) up 50% . I had a conversation with local business owners & everyone agreed business is creeping down everyday .Realtors, brokers, morgage brokers, & title companies have seen their commitions /saleries disappear. The worst thing for us in the northeast would be a nice big snow or ice storm and / or really cold temp. that would cripple most business. As far as morgage brokers I beleive their was a % that wrote bad loans . But a portion of homeowners had refinaced cashout or lose their house or choke in bill because cost of good having been rising for a while now. another % expected not to loose their jobs and find another that would make much less. and the last % didnt expect a decline in home value where they cannot find equity to redo their morgage .(dont forget credit crunch & raising fico scores to be qualified for a decent loan) could your 3 financial planners be shifting money out of the stock market before the 4 th quarter so they dont lose their portfolios. I can't see how so many sectors of the economy are taking hits and we are expecting a rebound. I hope i am wrong . but just in case I need to re-adjust my business to take a hit /stay competitive & network for customers. one last thought before i finish. I noticed many houses in my area that where for sale either where taken off the market or have for rent signs . a few customers i do work for decided not to list till spring . fix-up their home & have it ready for spring listing. do you think this will flood the market even more . remember the supply & demand rule .
Dec 12, 2007 02:14 PM
Virginia Real Estate - Mechanicsville, VA
Joe - It is great to hear from someone else what I have been thinking for some time now. It just reinforces it!
Dec 13, 2007 12:34 AM
Rainer
55,673
55,673
Joe D'Agostino
Mortgage Officer 46 years!
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