Citywide Real Estate and Property Management, LLC

As a Buyer, how will this new rule help you? I've been peddling real estate for a little over 4 decades. I've seen a thing or two. I've seen markets in the crapper, boom markets, high interest rates, rates lower than I thought I would ever see in my lifetime. My first offer was written on a two-sided legal sheet of paper and I'm not sure I recall any addenda. Rates were soaring in the late 80's, aroung 16%, 17% and 18% and somehow, we still found a way to sell real estate. MLS listing books were delivered every two weeks to the real estate offices, and it was like receiving the Sears Christmas catalog as Realtors gathered around to devour the new listings. Then came the modem! That was something very Trekky! We dialed into our favorite MLS, heard the whirring and beeping of the receiver placed into a special contraption as the data began pouring from our dot matrix printers. OMG! WE had arrived! As the years went on the Realtor Associations were hit with lawsuit after lawsuit and this last one hit hard. As Realtors, we are now navigating our new norm. But in decades, this one feels different. Buyers, who were previously struggling financially, are in an almost impossible situation. Rates are healthy for the financial institutions, Sellers are pleased its easier for them to only pay what they negotiate with their Realtor with no Buyer assistance, and the Buyers are left scratching their heads figuring out how to buy. Not only are todays purchasers saving to come up with acceptable credit, qualifying criteria, enough cash to come up with down payment, paying points and closing costs, now the Realtors say, "this is how much you're going to pay me." This will lead to two things. Sellers opening up their homes to anyone who wants to get in (as Buyers will avoid the Realtor services) and Buyers navigating the process without a Realtor professional, leaving title companies, surveyors and appraisers with the educational responsibilities. The bleaker option is it will put a freeze on housing. With this thinking in place, Sellers should be dropping the prices 3% across the US. If Sellers have always thought they were paying, now is the time for that 3% decrease if the Buyers are now paying their own way. I did not see that decrease, which tells me Sellers do not really think this. So what is everyone thinking? The good news is someone will come up with a plan. Real estate has been around for centuries. The first real estate ad was printed in 1704 in a Boston New Letter. By 1908 the National Assocation of Realtors was formed in Chicago. Real Estate will survive! Hoping I get to play another decade or two. New rules for Buyers: https://lnkd.in/gxTmJm2P

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Interesting Statistic.?Four of the top 10 counties are outside of the Dallas/Fort Worth market area.?Three of the top 10 are outside the Houston area.?Rounding out the top ten, two of them are outside the Austin area and one in west Texas.?This goes to show there's pockets of financial independence throughout the State. Where does your county fall? ? https://lnkd.in/guPjbte6

Something to really think about..... In 1971, the average interest rate for a mortgage was 7.33%. If you waited for interest rates to go down, you would not have purchased a home until 1993. You would have rented and waited for 22 years investing and building equity for someone else. Meanwhile, the value of real estate quadrupled. So many investors, homebuyers and developers are waiting. Does it make sense to wait?

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You may or may not have an opinion..... https://lnkd.in/dYtqxA9Q