1984 Listing Searcy AR home MLS entry. Note differences in interest rates.

By
Real Estate Agent with RE/MAX Advantage

1984 Memory MLS listing 15% interest For Sale

Looking back to 1984 MLS entry

With today's 3% or less interest rates when buying a home, let's take a look at a listing from July 1984.  Searcy AR had started getting Multiple Listing Books every two weeks in the year 1982.  How'd we do that?  We had a California real estate agent move to Searcy and told us how the real world worked and we subscribed.  It was wonderful!

Anyway, back to this listing.  Notice the information that was included, especially the loan information.  It told how much was owed on the house and at what interest rate and gave the equity in the home.  This information was very important because of disastrous interest rates during the 1980's.  To sell a house, we had to depend a lot on how a buyer could afford the home.  VA and FHA loans were assumable without a credit check.  There was a lot of owner financing.  Also note how they gave the owner's name  (I marked through it) which could now be considered a violation of privacy.  This person's interest rate was 15% through a savings and loan and probably not assumable.

With our on-line MLS service now, with up to 40 pictures, things are so much better......but it doesn't hurt to go back and see how things were a few years ago.

Comments (4)

Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Barbara - yes, look at the interest rate but also look at the price as well as the time(36 years ago) - how many times could a homeowner refinance their property and what is the value today if they had maintained ownership?  Lots of questions.  Would the opportunities outweigh those questions?? 

It is interesting to look back for multiple reasons.  woulda Coulda Shoulda are but just three of the many.  

Nov 22, 2020 02:27 PM
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

When I was first licensed in November of 1981, I will never forget my shock when I asked what the current interest rate was.  The answer - a shocking 18 1/2%.  Back in those days, I'd go through the MLS, and circle the one in 20 homes that had a good assumable loan with low interest rate, and little equity.  Those were the ones I showed and sold!  I didn't originate a new loan during same for a solid 3 years after being first licensed.

Nov 22, 2020 03:49 PM
Barbara S. Duncan
RE/MAX Advantage - Searcy, AR
GRI, e-PRO, Executive Broker, Searcy AR

Michael, yes there are a lot of things to consider but it is hard to think about, today, and interest rate of 15% or more!

 

Nov 22, 2020 04:48 PM
Barbara S. Duncan
RE/MAX Advantage - Searcy, AR
GRI, e-PRO, Executive Broker, Searcy AR

Mryl, I started in 1979 and real estate was a second job.  I know of people who at that time took over those assumable lower-rate loans and made money over the years.  We also had what was called "bond money" loans and even I took over one of those 7.5% interest rate loans and used it as a rental for many years.  It was strange times then and even stranger times now!!  

Nov 22, 2020 04:51 PM