There is a lot of movement in the residential markets – rates go up, rates go down, inventories rise and fall, loan underwriting guidelines change, lenders come and go – some are good, others not – not to mention all the things about your house and you need straight talk about what is happening. We have a lot of experience and want to share it with you. Naturally, we want your business but we also want you to work with us because we have your confidence. Plus – let’s be honest: I am passionate about the real estate business and I like to rant.
This blog is an information zone where ranting is permitted.
The New FULL Service in Real Estate.
Back in the day a full service residential brokerage meant capable of buying, selling and renting real property for their clients. It might have included some sub specialties but overall it meant that the brokerage was in the residential market for buyers, seller or renters. It also tended to mean that when there is full service, there are full commissions too. The commission rates were never published but it was understood they were in the 6% range equally divided between the buyer’s and seller’s agents.
Give me a California Buyer and price is never an issue. Back in the boom days of say 2002 thru 2006 (and even earlier for that matter) having one that wanted more than a couple of houses was – well – the word “sweet” comes to mind. You get a whole investor group and you were in hog heaven at least until they grow weary of our country, back water ways and thin ass margins. The margins generally run these investors off in the end but the promise gets those first few houses out and price is simply not an issue.
Regardless, the up stroke with Californian’s in general is they never object to price because, quite frankly, their economic system views Texas a Third World Nation price wise. The way they look at Texas real estate is that one day, when we wake up the prices will catch up with the rest of civilization – namely, to the prices of California.
Listening to the radio on a long drive yesterday the button stopped for awhile on a mortgage-company-infomercial. The host and CEO of this company was fairly long winded about an ad he read a few years back that boasted that ‘ Buying A Home Should be a Fun and Easy thing.’ Apparently he read this ad in some kind of financial magazine for the mortgage business and he thought this was the pre cursor for what became the financial meltdown on 2008. He went on and on about how easy it was to get a loan back in the day and this was fundamentally wrong and as he said “look where it brought us?’ type of thing.Â He went on and on about how buying a home should be hard to do as a kind of poetic struggle so that the results are hard earned by the buyer.Â If you ever did business with his company (and I have) he is clearly setting up an expectation that this is going to be “hard to do” because, quite frankly, doing business with his company is a flat out nightmare.
As complex as our issues are the answers are always very simple. During the 1992 Presidential Campaign the Clinton Headquarters had a banner that became the pivot point of the campaign that read “it’s the Economy, Stupid.” We aren’t there yet but chances are the 2012 Presidential election will feature one of the candidates with a banner that reads “its JOBS, stupid.” In the meantime, we have enjoyed a long period of low rates and if this stops anytime soon there'll be a big old banner parked right up side the plummeting real estate market that reads "It's the Rates, Stupid."
Super Tuesday: the first Tuesday in every month when Trustees across the State of Texas converge at their respective County Courthouses and conduct foreclosures.Â It’s a one day deal and it doesn’t matter what else happens to fall on this day – New Years, Fourth of July, Thanksgiving, Easter – the show must go on and it does. There is a lot that goes into the execution of a foreclosure and lenders are simply not going to miss the window to take back their security pursuant with the terms of the DOT. Every State treat foreclosures differently – some foreclosure every Tuesday, others every business day, some require judicial proceedings, other Trustees sales. Texas is a one day ordeal and we call it Super Tuesday, (Its probably Super if you can buy one at the price you want; its not all that Super if you are losing your home that day; and since they all go at once, it has a SUPER-CALA-FRAGILE-LISTIC-EXPE-ALA-DOCIOUS quality to it.)