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I just received the latest mass email from my Charlotte Realtor... My thread title is an actual quote from the last line.
It seems now that NAR is moving from "Hurry before the tax credit expires!" to scaring people into overpaying for a house for fear of interest rates going up.
Besides the horribly biased "assessment" of the market at the beginning of the email (I'll save you the pain of reading it), I really like how they drive their point home at the end. I won't argue that interest rates will go up - they have to... But, to give the impression that home values won't be impacted with more downward pressure is borderline immoral. A buyer has what a buyer has to pay for a house - if the payment is going up due to the interest rate then their budget goes down. It's pretty simple math and it doesn't justify paying the outrageous prices many seller's are still asking. Sorry if that means you don't get a 5%+ cut.
I hope people are doing their own research and not depending on these types of email spam for one of the biggest decisions they'll make financially.
Quote:
One positive outcome of a slow economy has been historically low interest rates. But as the economy begins to improve, industry experts predict that interest rates will creep up, perhaps even reaching 6 percent by the end of 2010.
While prices are likely to remain low, consider what even a small increase in interest rate can do to your monthly payment. On a $200,000 loan, an increase from 5 percent to 6 percent would result in $125 more per month, or $1,500 annually. He (or she) who hesitates pays more!
Outrageous prices according to whom? Most R.E. agents couldn't read comps if their life depended on it. I was looking to re-finance and contacted one broker who said "I'll ask a pro to value your house" let me tell you that "pro" was 12% under what the house appraised at and many agents discriminate against certain sections of town, because they are so called pros, instead of letting their customers pick and chose. The R.E. industry needs to remove the bias' that people carry, remember all a person needs is an eighth grade education to become an agent, and allow customers to decide for themselves instead of their "pro." Maybe people bought more house they could afford because the "pros" pointed them in that direction but I haven't heard of any R.E. agents going to prison like the brokers and appraisers. Actually I had someone call me out of the blue to tell me my house was overpriced by $50,000 by spreading fear about the market assuming I was one of the 22% illiterate in Charlotte so he could steal my house. He was off by $37000. He belongs in prison.
There are professional realtors out there who have earned the trust of their clients b/c they shoot it straight. Too bad NAR is not helping realtors earn client's trust.
Your realtor really should have known better than to fall into the trap than publishing this illogical line of thinking.
Although I do agree that interest rates are going up, the price of homes will necessarily have to adjust downward. In addition, until homeowners get the picture that they are gonna have to lower the prices on their homes, real estate isn't gonna sell.
Folks in the position of buying a home will just rent until home prices fall in line.
Outrageous prices according to whom? Most R.E. agents couldn't read comps if their life depended on it. I was looking to re-finance and contacted one broker who said "I'll ask a pro to value your house" let me tell you that "pro" was 12% under what the house appraised at and many agents discriminate against certain sections of town, because they are so called pros, instead of letting their customers pick and chose. The R.E. industry needs to remove the bias' that people carry, remember all a person needs is an eighth grade education to become an agent, and allow customers to decide for themselves instead of their "pro." Maybe people bought more house they could afford because the "pros" pointed them in that direction but I haven't heard of any R.E. agents going to prison like the brokers and appraisers. Actually I had someone call me out of the blue to tell me my house was overpriced by $50,000 by spreading fear about the market assuming I was one of the 22% illiterate in Charlotte so he could steal my house. He was off by $37000. He belongs in prison.
Outrageous prices according to whom? Most R.E. agents couldn't read comps if their life depended on it. I was looking to re-finance and contacted one broker who said "I'll ask a pro to value your house" let me tell you that "pro" was 12% under what the house appraised at and many agents discriminate against certain sections of town, because they are so called pros, instead of letting their customers pick and chose. The R.E. industry needs to remove the bias' that people carry, remember all a person needs is an eighth grade education to become an agent, and allow customers to decide for themselves instead of their "pro." Maybe people bought more house they could afford because the "pros" pointed them in that direction but I haven't heard of any R.E. agents going to prison like the brokers and appraisers. Actually I had someone call me out of the blue to tell me my house was overpriced by $50,000 by spreading fear about the market assuming I was one of the 22% illiterate in Charlotte so he could steal my house. He was off by $37000. He belongs in prison.
Outrageous prices according to ME... I'm confused how you spout numbers like they actually mean something and you seem to be leaning towards the higher number being right. Which in the end is all meaningless because none of those mean anything until someone PAYS you that amount. Are you blaming the Realtors that you couldn't sell? That doesn't make any sense - they will price your house however you want. Educate yourself and sell it yourself if you think you can get more!
Quote:
Originally Posted by anifani821
Your realtor really should have known better than to fall into the trap than publishing this illogical line of thinking.
That's what upset me the most Ani... I have a relationship with this person (I don't look at her as just my "Realtor"). It pains me to think that she'll just spam this stuff out to me.
Most R.E. agents couldn't read comps if their life depended on it. I was looking to re-finance and contacted one broker who said "I'll ask a pro to value your house" let me tell you that "pro" was 12% under what the house appraised at and many agents discriminate against certain sections of town, because they are so called pros, instead of letting their customers pick and chose. The R.E. industry needs to remove the bias' that people carry, remember all a person needs is an eighth grade education to become an agent, and allow customers to decide for themselves instead of their "pro." Maybe people bought more house they could afford because the "pros" pointed them in that direction but I haven't heard of any R.E. agents going to prison like the brokers and appraisers. Actually I had someone call me out of the blue to tell me my house was overpriced by $50,000 by spreading fear about the market assuming I was one of the 22% illiterate in Charlotte so he could steal my house. He was off by $37000. He belongs in prison.
Quote:
Originally Posted by MikeyKid
Outrageous prices according to ME... I'm confused how you spout numbers like they actually mean something and you seem to be leaning towards the higher number being right. Which in the end is all meaningless because none of those mean anything until someone PAYS you that amount. Are you blaming the Realtors that you couldn't sell? That doesn't make any sense - they will price your house however you want. Educate yourself and sell it yourself if you think you can get more!
Yea figuring out comps and appraisals isn't really an exact science. I had two appraisals done on my property before I purchased, they were 65K apart in price.
Outrageous prices according to whom? Most R.E. agents couldn't read comps if their life depended on it. I was looking to re-finance and contacted one broker who said "I'll ask a pro to value your house" let me tell you that "pro" was 12% under what the house appraised at and many agents discriminate against certain sections of town, because they are so called pros, instead of letting their customers pick and chose. The R.E. industry needs to remove the bias' that people carry, remember all a person needs is an eighth grade education to become an agent, and allow customers to decide for themselves instead of their "pro." Maybe people bought more house they could afford because the "pros" pointed them in that direction but I haven't heard of any R.E. agents going to prison like the brokers and appraisers. Actually I had someone call me out of the blue to tell me my house was overpriced by $50,000 by spreading fear about the market assuming I was one of the 22% illiterate in Charlotte so he could steal my house. He was off by $37000. He belongs in prison.
Hi Phoenix!
I am not too sure its fair to blame real estate agents for people buying more house than they can afford - I think we all need to take responsibility for our own financial situations!
And it apparent from this forum that we all have a 'preference' for certain areas of town. I think most real estate agents have that same 'bias' but I don't think they force buyers to buy a home in a particular area.
Not sure I understand your post:
Did you refinance and your house appraised for 12% more than a realtor said it was worth? Are you saying you know the appraiser is correct and not the realtor?
Then you said someone called you out of the blue and said your house was overpriced by $50,000? Is your house listed for sale? How do you know that person is 'off' by $37,000?
Of course I re-financed which is how I got the appraisal with CMCU@5%. Yes my house was listed on FSBO websites and also with a realtor and the con artist who called told me my house was overpriced by $50,000, according to his comps two months ago and since it was just recently appraised the con artist was off by $37000 or $13,000 overpriced when they called. I got comps from a title company so I know the "pro" realtor didn't have a clue how to read comps so the agent was WRONG b/c my appraisal matched the title company comps. And when I was hiring an agent one compared my two story with a townhome. R.E. agents = used car salesman, clueless wonders. I now wonder how come R.E. agents are held in such high esteem. Must be smoke and mirrors or self adulation b/c I haven't met an honest one yet.
I just had to laugh - to hear you say the real estate agent was wrong! I am a real estate appraiser and usually everyone says the appraiser is wrong!
I am glad to know someone thinks so highly of appraisers!
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