TGIF
It was a busy week and I am relieved to see it winding down this Friday. In the last 7 days I showed 50 homes, took three loan applications, wrote three offers and had a listing presentation with a family considering selling their home and building another. All that may seam like a lot of activity but the real activity and work happens between the appointments.
When showing houses I probably spend two to four hours preparing for my showings. Sorting through all the many properties for sale to come up with likely choices takes some time and then appointments need to be made and every listing agent wants me to give them a report after my showings as to how my clients liked the property and what I thought about the condition and price.
I may only spend an hour with a borrower completing all the loan disclosures and the initial loan application but each one requires ten hours of office time processing the loan and finding the right loan for a borrower with the lowest interest rate.
Talking with people who need to sell their home is a little different than it used to be just a year ago. Preparing for my appointment can take 2 to 3 hours. It was more fun telling sellers what their home was worth a year ago than it is today. Last year most of my clients would say “WOW…..that much, well that’s great Ken when do you want to get started?” My response this week ……..”What do you mean my house is only worth that amount? The house down the street is not nearly as nice as mine and they are asking way more…..Maybe I will call someone else.”
The stress level for everyone is elevated this year. Last year was happier. Borrowers were borrowing money at 5.75 and home equity interest rates were under 5 percent. Sellers were making tons of money on the sale of their homes and smiling all the way to the bank. Buyers were happy because they had the opportunity to own in a home in one of the best real estate markets in the country.
The good news was the Federal Reserve didn’t increase the interest rates AGAIN. It will allow me to lock a few loans in the 6.5 percent range. It was REALLY good news to know that the Brits foiled a terrorism plot to blow up a few airplanes on the way to the US. All considered and putting thing in perspective it was a pretty good week.
Enjoy your weekend.
When showing houses I probably spend two to four hours preparing for my showings. Sorting through all the many properties for sale to come up with likely choices takes some time and then appointments need to be made and every listing agent wants me to give them a report after my showings as to how my clients liked the property and what I thought about the condition and price.
I may only spend an hour with a borrower completing all the loan disclosures and the initial loan application but each one requires ten hours of office time processing the loan and finding the right loan for a borrower with the lowest interest rate.
Talking with people who need to sell their home is a little different than it used to be just a year ago. Preparing for my appointment can take 2 to 3 hours. It was more fun telling sellers what their home was worth a year ago than it is today. Last year most of my clients would say “WOW…..that much, well that’s great Ken when do you want to get started?” My response this week ……..”What do you mean my house is only worth that amount? The house down the street is not nearly as nice as mine and they are asking way more…..Maybe I will call someone else.”
The stress level for everyone is elevated this year. Last year was happier. Borrowers were borrowing money at 5.75 and home equity interest rates were under 5 percent. Sellers were making tons of money on the sale of their homes and smiling all the way to the bank. Buyers were happy because they had the opportunity to own in a home in one of the best real estate markets in the country.
The good news was the Federal Reserve didn’t increase the interest rates AGAIN. It will allow me to lock a few loans in the 6.5 percent range. It was REALLY good news to know that the Brits foiled a terrorism plot to blow up a few airplanes on the way to the US. All considered and putting thing in perspective it was a pretty good week.
Enjoy your weekend.
posted by Ken Calhoon at 8:31 AM
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