Buyers are faced with frustration and heartache, while sellers get so much attention and excitement that feel like they hit the lotto and are walking down the red carpet to pick up their prize.
Welcome to 2018!
Winners & Losers
by Jim the Realtor | Jan 4, 2018 | Bubbleinfo TV, Jim's Take on the Market, Market Conditions, Why You Should Hire Jim as your Buyer's Agent, Why You Should List With Jim | 7 comments
I’ve bought. I’ve sold. Of all the transactions I regret only one and it was selling. Still. Show me a rich person who doesn’t own a nice chunk of property.
Worst financial mistake I made in my life was selling property. I’d be better off if I never sold my first house and used the rental profits to rent…
No one is rich and not a landlord…
Regrets wouldn’t be so bad if it was easier to replace today.
There were plenty of bad things about the last boom, but the best thing about the no-doc era was that the move-up market was fluid.
We could tap all your equity from your existing house with a HELOC and generous appraisal by our guy (wink, wink), and then make non-contingent offers on better houses, all without qualifying. Then I’d sell your old house before another payment was due.
Countrywide was making loans based on credit score only, and buyers were taking 5-year and 7-year fixed rate mortgages. But then the neg-an loans started to adjust, and those who had them freaked out – and loan reps didn’t know what to do.
Those who bailed on the only chance they had to own a house are the people with the most regrets. P.S. None of my clients were in this category.
Another thought about today’s strict qualifying.
Our current boom has happened with virtually no self-employed people being involved. Can’t get a loan, and really can’t get a loan to move up.
The problem with the self employed being unable to get a mortgage is apparently worldwide. Thankfully my houses were all bought pre 2 008.
Yep. Had a friend last year who owned several multi million dollar homes outright and made millions each year in self employed income (for over 10 years). He wanted to get a $500k mortgage against one property and no bank would. They counted all the prop taxes against him and wouldn’t count much of his income. So a $5 million dollar house he owned outright wouldn’t even qualify for a 10% mortgage. He also had perfect credit.
Luckily he really didn’t care, didn’t need the cash, just wanted to lock in some money at low rates. Told me a lot about the banking industry today. Absolutely no one with common sense can make any decisions.
On a side note, noticed today there are only 3 homes for sale in Del Mar under $1,750,000 (and those 3 back up to freeway). Pretty crazy. Seems like Del Mar will soon start at $2 million at this rate.