NEW HOUSING MARKET EXPECTED TO IMPROVE

Finally some good news in the media about the housing market according to REBAC:

It is only a matter of time before housing begins to recover from its first major downturn in about 15 years, said industry economists speaking last week at the International Builders' Show in Orlando, FL, and fundamental improvements in the marketplace could already be taking hold by this year's second quarter. "We knew we were in a correction process a year ago, and it was an inevitable occurrence following the unsustainable boom years of 2004 and 2005 when stimulative financing conditions and speculation from escalating home prices resulted in a 'grossly overheating market,'" said David Seiders, chief economist for the National Association of Home Builders.

I have seen the market improve and I think 2007 will be a better year. There is still a lot of uncertainty going on but I am starting to think that the worse is behind us. As for buying, I always believe, if you have money to invest, put it in real estate. There is no better investment.

Are subprime loans going away?

The past couple of years have seen the popularity of subprime loans explode. This phemonena has made it easy for people to get into the housing market and buy homes that they would otherwise could not afford or loans they otherwise could not get. These loans are typically fixed for 2-3years and then they go up significantly in payment. So buyer beware, if you get such loans, know that your payments won't stay that low. But the bigger trouble might be the restriction on people getting and qualifiying for mortgages. We maybe seeing alot more forclosures or slowing on the mortgage front but this could also mean that people who could otherwise qualify for a mortgage would have to shop around a lot more and pay a lot more in fees to be able to get a mortgage. Sounds like a double edge sword to me. Well, I am not sure if this is good or bad but worth thinking about...

call me for your real estate needs or questions:
Roxanne
619-778-0577

Life of an agent

Another day, another dollar in the life of an agent. I am pretty tired but ready and hoping to have a better day. Hope you are doing the same.

Best regards,
Roxanne
619-778-0577

What is NAR's Code of Ethics?

I thought this is interesting to every person looking to buy or sell a house:

The NATIONAL ASSOCIATION OF REALTORS® Code of Ethics:What Does it Mean for Consumers?How does the Code of Ethics affect everyday real estate practices? If a REALTOR® represents you, whether you are buying or selling a home, you can count on that REALTOR® to:1. Be honest with all parties in the transaction – not just with you, as his or her client, but also with the other real estate practitioner and his or her clients.For example, if REALTORS® represent a buyer with a spotty credit history, they can’t be dishonest with sellers about this fact. At the same time, REALTORS® can help their buyer clients collect and assemble information, such as credit reports and audited tax returns, to demonstrate that the buyer has addressed the problem and improved their situation.2. Put your interests ahead of his or her own, at all times. A REALTOR® makes every effort to understand the housing needs of his or her client, thoroughly researches available inventory, and shares all relevant information with the buyer so that he or she can make an informed decision. This service is provided regardless of the compensation available.3. Disclose all pertinent facts regarding the property and the transaction to both buyer and seller.If a REALTOR® believes information provided by a seller is questionable, the REALTOR® is obligated to investigate. REALTORS® should recommend that buyers consult their own experts, such as home inspectors, to address concerns. For example, if a home seller asks his or her REALTOR® to conceal the fact that the roof leaks, the REALTOR® cannot comply; if the seller insists, the REALTOR® should end the business relationship with that seller. 4. Be truthful in all communications with the public.When REALTORS® distribute newsletters, create Web sites, or place advertisements, they must be careful not to represent other real estate professionals’ work product as their own. If recently sold or listed properties in the community are publicized, it must be clear whether the REALTOR® was actually involved in the transaction, or whether that data came from the local multiple listing service or other source. This ensures that the public understands the REALTOR®’s experience and can make an informed decision when choosing real estate representation.Read a summary of the principles embodied in the NATIONAL ASSOCIATION OF REALTORS®' Code of Ethics.

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