Regardless of how you vote in November, tonight this country is taking two steps forward, as Barack Obama makes his historical acceptance speech. But Wait - this post is not about politics it's about Real Estate. It's about taking steps forward and taking steps back. Moving forward is good but sometimes we need to take a few steps back. We need to rethink, reorganize and regroup.
Tonight is my 1st blog post on Active Rain, so I am taking two huge steps forward. Finally! With a little push from Jacqulyn Richey's husband Charles. However, being a real estate agent I am seeing the real estate world take two huge steps back. We are seeing FHA programs going back to 3% down. Gone are the no doc and the 100% loans. Now buyers will need a down payment again to buy a home. PMI companies are getting tougher. Funny thing is this is how it was when I started in the business 20 years ago. So taking two steps back is good.
Maybe now we can get back to a "Normal" real estate market. Where people buy a home because they need a place to live. One where they have saved the money to buy it. One where people are not using there homes as ATM machines. One not filled with real estate agents and mortgage brokers in it just for the boom. Just normal everyday people buying and selling the "American Dream of Home Ownership"
Yes, the late 90's and early 2000's were a great time in Macomb County. We saw interest rates drop, property taxes drop, tons of new construction, lots of jobs and home prices go way up. We were taking 4 steps at a time. Moving at the speed of light. It's time we take a few steps back. We now can Rethink, reorganize and regroup.
Some will get hurt along the way but in the long run this will help us All get back on track.
Glad I could give you a little "motivation" :)