My New Blog

The media is driving me insane!  They continue to hammer into everyone's heads that the sky is falling and the housing market is the worst it has ever been.  It is not true in all regions, in all price points and in all credit areas.

I can not tell you who I wish I could get the attention of the media and tell people the truth.

Yes, things are bad in California, Florida and Atlanta to name a few.  Yes things are bad down the shore when it comes to the secondary home owners but things are pretty good here in out part of Pennsylvania. 

Our area has never seen the peaks and valleys that the entire nation has seen.  It appears to me that we get consistent rises etc.  We never benefited from the 200% growth but we never lost 200% either.  We are slow and steady for the most part.

HERE IS THE BOTTOM LINE-  If you are a qualified borrower with good credit etc. then you can get a great deal.  Houses in our area are still getting a good value, they are just sitting a bit longer.  I am ready to settle on the sale of an investment property in Conshohocken, the house sold before it even hit the market.  Does that sound like a horrible market?

As a buyer, you are in the driver's seat.  It is however, not as bad as they are making it.  In a nutshell, you are just not going to be able to get $180k homes for $19.  You may get it for $170k with a seller's assist.  That is a nice deal for the right home.

Financing- You can still get a great rate.  Today I can still offer you 5.75% on a 15 year fixed loan and 6% on a 30 year fixed if you are qualified.  That is not half bad, actually, it is pretty good.  You can still get 100% financing in some cases, if not you should be able to go the 97% LTV route at great rates and terms.  Again, not to shabby.

I just had another client with a 563 credit score get a 30 year fixed loan at 7% and with discounted PMI.  That was also for only 3% down.  That is incredible, he would have paid 9% or so last year.

I ask one favor, don't take everything the media says as true.  Do you own research and make your own decisions.  Believe me when I say that they sell far more papers when things are bad.  Would you read a newspaper if they said everyone was perfect, healthy no one died and we had no worries.  The answer is honestly NO! 

Put things in perspective- When our parents bought their first homes they most likely paid 12-18% (no lie, check it out).  Doesn't 6 make you fell a whole lot better than that?

Please contact me if you have any questions about this!

Hello again,

I feel the need to spread the word again and this is my platform of choice.

I have been talking to a lot of realtors out there and I have been getting mixed emotions.  Some say it is dead out there and some say they are prospering. 

Why is there a discrepancy?  I think it has to do a lot with, of course, location and pricing. 

There are still some hot areas and there is no rhyme or reason for that.  It could be new construction, a reemerging area or just coincidence.

Now, the pricing aspect, a lot of people refuse to admit that their house is not worth what is was 2 years ago and that sets a bad tone for the sales process.  Pricing a house over market value is too risky, especially today.  You may not get the showings you would have if you went with the going rate or below.  Pricing it a bit below the market can speed up the process even more.  That may, in turn, help you to sell your home sooner and not have as many carrying costs etc.

In this market, there are going to be winners, losers and the middle of the road.  I just don't want you to be on the losing side.

As for the buyers, there is a lot of inventory out there for the most part so bid accordingly, you may get a steal!

Please talk to your realtor and use their advice to make the decision that you feel most comfortable with.