Real Estate should always be the “Talk of the Town”
November 11, 2012 §
Do you wonder why more attention and discussion wasn’t given to the real estate and mortgage markets during the Presidential Campaigns? What about the foreclosure and mortgage delinquency problem? Tightening of credit requirements? Over-regulation, rules and restrictions putting a strain on the mortgage process – whether it is a new loan, modification or short sale? The serious talk of eliminating the mortgage interest deduction and letting the Mortgage Forgiveness Debt Relief Act of 2007 expire?
As a REALTOR since 1992 and RE/MAX pro since 1995 I have worked through strong, vibrant real estate markets and times that were much leaner. In my 20 years of real estate experience here in New Orleans and Lansing, Michigan (’92-’01), I haven’t seen a housing and economic landscape like the last 6 years – It is probably safe to say, none of us have.
Despite the record number of HUD and REO properties for sale (foreclosures), homes “under-water”, transaction fall throughs due to low appraisals, and mortgage underwriting denials – real estate is moving.
However, it could be so much better. Interest rates are still at 65-year record lows of approximately 2.75% – 3.5%. There is a good supply of homes in all price ranges and neighborhoods. Cash buyers are more frequent as they find bargains. First-time home-owners account for a high percentage of sales as they take advantage of the rates, seller concessions and this “buyer’s market.”
I am optimistic. I am by nature, it is because of my faith. That being said, I know there are major challenges that I face each day as I work to help buyers, seller, and investors with their dreams and goals. Sometimes the task is daunting as I see them through it.
The President was re-elected this week. I wonder, like you, if the policies in place, and those that will soon be implemented, will help the real estate market lead an economic comeback or will we continue to experience more of the same? Either way, I will be out making a living helping people like you buy or sell real estate.