Mindset Of Fear

By
Real Estate Agent with Equity Real Estate - Advantage

There seems to be this "mindset of fear" running rampant.  We the public, and all throughout the housing industry, seem to be listening to the media. We hear about all the foreclosures, about the economic problems and we worry. We're just flat afraid and it seems that we don't know if we should take the next step or not.

I'd like to share some facts that were shared with me by a favorite loan officer. Hopefully this will put a few things into perspective for you.

· FACT: Interest rates are where they were back in the 1960's, back when gas was just .35 cents a gallon and postage was only .08 cents.

· FACT: Today home prices are at record lows in most markets, back to where they were in 2003.

· FACT: There are tons of great loan programs out there: FHA, VA, Fannie Mae, and Freddie Mac.

· FACT: You don't need 20% down. There is still a no money down program, 3½% down programs, and even special programs like the new "HomePath" program that requires as little as 3% down and even funding for investment properties with as little as 10% down.

· FACT: If you have a job, have a paycheck stub, and have decent credit, you CAN get a home!

· FACT: When interest rates go up, they skyrocket! You could wake up tomorrow morning and lose a half a point or more. Take advantage of what's available NOW! Don't try to outsmart the market, go with what you know... today.

· FACT: First Time Home Buyers, or anyone who hasn't owned a home in the past three years, may qualify for the new $8,000.00 stimulus tax credit. (And this one DOES NOT need to be repaid!)

· FACT: The Money is there! Unfortunately the media has made it look like there's no money at all, and that's just not fair!

Your job is to get yourself educated, get the facts, learn about the new technologies available to you through your Real Estate Agent, learn and get comfortable with the process. Don't let the great opportunities of today pass you by! Consult a professional today!  You may be surprised at what is available for you and your family in this market. Do It Now! Don't Wait!

Here's another bit of information that may surprise you:

February 2009 - Metrocities / Prospect Mortgage (the company my friend works with) funded over $899,000,000.00  in mortgage loans - That's almost a billion dollars!

If there truly was no money out there, how could this have been possible?

Suzanne Gallegos-Salt Lake City, Utah Real Estate

Service First - Just ask me to prove it!

Comments (20)

Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Hi Suzanne, It's always wise to have the facts, and your post was filled with very good ones!

Mar 04, 2009 01:22 PM
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Suzanne, you tell them. Knowledge, accurate facts, always dispels fear!! Keep that trumpet of yours handy and keep getting out the word and knocking those walls down.

Mar 04, 2009 02:10 PM
Suzanne Gallegos
Equity Real Estate - Advantage - Salt Lake City, UT
Realtor - Salt Lake City, Utah Homes

Hi Mary-Thanks so much for stopping by and commenting:)

Mar 04, 2009 02:40 PM
Suzanne Gallegos
Equity Real Estate - Advantage - Salt Lake City, UT
Realtor - Salt Lake City, Utah Homes

Hi Gary - I've never been one to keep my big mouth shut:)

Mar 04, 2009 02:41 PM
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

Suzanne...

Excellent points listed here!

Featured in the Group "Whacked!!!"

Mar 04, 2009 10:06 PM
Suzanne Gallegos
Equity Real Estate - Advantage - Salt Lake City, UT
Realtor - Salt Lake City, Utah Homes

Hi Richard - I'm glad you liked it:) Thanks ever so much for the feature!

Mar 05, 2009 12:41 AM
Team Honeycutt
Allen Tate - Concord, NC

Great Blog,  It is amazing that all you need is a job a good credit to get a loan.  Go figure.  Isn't that the way it is suppose to be

Shelton

Mar 05, 2009 04:29 AM
Susan Gonzalez Faux painting murals atlanta
Marietta Mural & Decorative Design - Atlanta, GA

Great post. It's hard to wade through all the "facts" you hear from the media. Thanks for setting the record straight

Mar 05, 2009 10:37 AM
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Suzanne! Congratulations on the feature in Whacked!! Way to go!! :-)

Mar 05, 2009 10:52 AM
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

Hey, Suzanne, way to spread the good news!!  Nice to hear for a change!  Great post for buyers!

Mar 05, 2009 11:12 AM
Zac Hill
Resident Lending Group, Salem, OR - Salem, OR

Keep the postive words and posts coming, it will take a lot of noise to drown out the fear driven media.  It is amazing what some facts can do to an attitude.

Mar 06, 2009 07:13 AM
Suzanne Gallegos
Equity Real Estate - Advantage - Salt Lake City, UT
Realtor - Salt Lake City, Utah Homes

Hi Shelton- I don't think it's as easy as it was, but people are still getting loans:)

Mar 06, 2009 08:32 AM
Suzanne Gallegos
Equity Real Estate - Advantage - Salt Lake City, UT
Realtor - Salt Lake City, Utah Homes

Hi Susan- I'm glad it was helpful:)

Mar 06, 2009 08:33 AM
Suzanne Gallegos
Equity Real Estate - Advantage - Salt Lake City, UT
Realtor - Salt Lake City, Utah Homes

Hi Mary, Thank you-Thank you-Thank you:)

Mar 06, 2009 08:34 AM
Suzanne Gallegos
Equity Real Estate - Advantage - Salt Lake City, UT
Realtor - Salt Lake City, Utah Homes

Hi Sharon - Great to hear from you. Glad you liked it:)

Mar 06, 2009 08:36 AM
Suzanne Gallegos
Equity Real Estate - Advantage - Salt Lake City, UT
Realtor - Salt Lake City, Utah Homes

Hi Zac - Great to hear from you! It looks like you're in lending, you probably have similar stats:)

Mar 06, 2009 08:37 AM
Aaron Auxier - "Hollywood's Connection to Vegas"®
Realty ONE Group - Las Vegas, NV

Great post Suzanne.  KUDOS for having the courage to stand up for what's right.

Mar 06, 2009 02:28 PM
Suzanne Gallegos
Equity Real Estate - Advantage - Salt Lake City, UT
Realtor - Salt Lake City, Utah Homes

Hi Aaron- Thanks for reading! Back at ya' :)

Mar 06, 2009 02:32 PM
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

All great reasons. I truly believe we will look back someday and see that this was the best time in history to buy a home.

Mar 09, 2009 01:50 PM
Suzanne Gallegos
Equity Real Estate - Advantage - Salt Lake City, UT
Realtor - Salt Lake City, Utah Homes

Yes Bill, I think you're right:)

Mar 10, 2009 01:47 PM