I don't want to get into political matters with you but i need to make a few observations bout the recent events happening in the economic world here at home. I will tell you that I am not confident in any administration right now and our voices need to be heard now more than ever.
Evidence of this is in the appropriately named bailout itself. In order to have this vote be passed the Democrats did not have enough of its majority to pass this bailout on its own and the Republicans and some Democrats were not supporting many parts of the bill due to once again much of the fat in this so called bailout and once again becoming political. The Democrats pointing the finger at the Republicans and George Bush and vice versa with the Republicans. The truth is many Democrats and Republicans were standing up in 2004 defending the strength of Fannie Mae and Freddie Mac and denying any restrictions or scrutiny of any kind was needed. Many of these bogus loans given to under qualified individuals, groups and organizations were being given without restrictions or guidelines and a very flexible underwriting approach. Do you think any of these representatives had a vested interest in any of these rules and regulations not being passed. You bet there were. Many folks made some big bucks at the expense of others short comings. This is so typical of our flawed political system. Yes there is a cookie jar in this bailout, and many of the votes came at the expense of promised funding for each and every state supported by its representative. Is this not the very problem that plagues us and that got us into this mess in the first place? Come on people we need to speak up and start by imposing two things; 1. shorten term limits so the likes of John McCain and Joe Biden are not in office for 30+ years getting complacent with benefits galore. 2. Eliminate the so called power that these representatives do hold that makes them seem above the law and we need to have more of a say in what these representatives do. We the people are supposed to hold the power yet the politicians and special interest groups that both parties are in relations. Although elections, re-elections, funding for campaigns, all becomes a major part of the problem with power and corruption leaks through the cracks and starts to stink like it does now. The big bucks and benefits these candidates are given by government are too generous. What happened to our countries representative servants like in the movie "Mr Smith goes to Washington." We need to speak up now and be not only heard but helped!
Change is needed!!!! I can guarantee you one thing that the kind of change we need is not going to happen under either of these two administrations as they both promise. Special interests up the yazoo, socialized health care and promised plans come on... Each of these representatives has been on the campaign trail for over two years. Do You think they have been working diligently to protect the people as servants of their so called states during this time? Still paid and with complete benefits while they campaign. Why? That is like me working for a company and I decide to go on a book tour for my own personal book and my company who does not receive any benefits continues to pay me...not fair is it?
Let me be blunt for a moment...Yes the real estate market has had a major climate change, and yes the prices of homes have dropped quite a bit. The good news is most of us are still ahead of the overall boom that occurred over the past 10 years. The other good news is interest rates are still low and although this week may not be the week to buy a house due too understandable fear factor, but it is a very good time to buy. It is a buyers market. This weeks settlements for me were properties that were purchased for well under list price and both settlements this week had closing cost help given by the sellers. But let me repeat these homes were sold in this market and they were sold to real buyers for reasonable prices!!!!
One client asked me yesterday if there were any buyers still out there and the answer is yes. The other misconception is that spring is the best time to sell. Let me ask you this question: What are the interest rates going to do in spring? Are the home prices going to drop further? Well, I don't know either. I do know that inventory is usually at it's highest point in the spring, so from a supply and demand perspective it would not be the best time to sell. I want to encourage anyone who is reading this post that homes will sell this year, next year, and the year after. People will always need a place to live therefore there will always be buyers. Restrictions and underwriting is very important and I know there are plenty of solid obtainable loan programs today. One thing that I show people who are looking to move is a time table analysis, which gives you a realistic time table for selling your home in this market from start to finish. I know that we can't know exactly when your home will sell but we can give you a real time guess based on statistics and local market conditions.
Stay positive about the real estate market, we were spoiled over the past 10 years with the largest increase in a century. If you are having issues with paying your mortgage or you have questions about your personal real estate during this tough time, I am happy to field your emails and phone calls to help you in any way. Remember to turn your clocks back an hour on November 2, 2008.
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