Yes that's right it's over. If you are working full-time at Real Estate, you see it don't you. Buyer's are coming out to the Open Houses. Multiple Offers are happening quite often. Inventory is shrinking. Prices are starting to stabilize. All we have to do is to sit back and let the money start rolling in, right? No silly, you have to work harder than you have ever worked before to close a transaction. Why? It's a different ballgame out there. Banks now control two-thirds of our market. REO's and Short Sales are dependent upon many different banks, who have many different rules, who have many different time lines (all long),who have many different departments, who have many different addendums, who have many different houses, who have many different agents listing them. The crisis is now in understanding the structure,how to get through to the "asset manger" or "negotiator", what fax number to send the documents to so that the actual person that needs to get it does. The crisis now is dealing with a whole society of bankers who know very litte about Real Estate and yet they own so much of it.The crisis is in hoping that the when the transction closes, you will receive your paycheck in a timely manner (one to two weeks). This may sound like I am am venting. Actually I am just "facting". "It is what it is": Exciting, Challenging, Demanding, Thought-Provoking, Detailed-Oriented, structured, and FULL-TIME. That being said, this is not for the weak, worried,whining, wobbly, wondering, or PART-TIME. Those were the good old days !
These are the good old days. You have to work with what you have.
Alll the best!
Christopher, I recently wrote in an article:
The economy and the real estate market in the U.S. is amazingly resilient. I predict a reasonably good real estate market through the spring and summer in Sequim and Port Angeles. It is an excellent time to buy, and if you're selling, a good home in a good area has not lost value in these past months. The threshold of value remains strong.
We're back to reality. When you choose a real estate profession, it's a job. At least now we can finally get rid of all the people who thought they could get a real estate license and get rich quick. Hopefully we'll be left with a more professional industry, with REALTORS(r) who actually know what they're doing.
The housing crisis isn't over unfortunately. We have a great spring rush which we need to take advantage of . This winter might be slow again.
We have been in the Real Estate business for 30 years and would like to offer our idea for a solution, or at least an idea, to ease the housing crisis. Step #1: Give everyone who has a mortgage a 120 day moratorium on their mortgage payments. This would be retroactive for anyone who is currently late on their payment. This would act as a great stimulus to the economy, especially at Christmas time when people are motivated to spend money! Step #2: Individuals apply for Gov payoff and refinance into a 30 yr. fixed rate of 3% - 4%. Applicant shows decrease or loss of income. Gov will payoff the loan, same as any home owner could do at anytime they were able, and the Gov will hold the deed to these homes so will have something if the home owner still goes into default. If a home owner is still unable afford the payment, work a Gov Subsidized loan with them and keep them in their home, same as the Gov does with Gov subsidized housing projects across the country, only difference is that the Gov will own these homes, not the developers who build Gov subsidized housing projects. This process could be run through the mortgage lenders, and anyone associated with this process would provide a huge shot in the arm for them and should create additional jobs at the same time. In short, if the banks don't want to loan money to help jump start the economy, it's time for the Gov to step in and do it for them!
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