Memorial Day Weekend Wishes, from Frank Spencer

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Purchase Price V Interest Rate

Today's buyer is facing a conundrum of epic proportions. It is obvious to most that in many areas of Southern California, prices have flattened out. Luxury sales have slowed dramatically. And, all indicators are that sometime in the near future, we will see a slight adjustment in home values. For that reason, many buyers are thinking that the wise move would be to hold off their purchase. And, most likely get the home they want for less money. And, it is true that historically this would have been a good strategy to employ. Today, I am not so sure. In fact, I am telling my friends and family that today, may be the very best time to buy. That there may not be better time to purchase in their lifetime. Let me explain. While it is true that home values are at near record highs for most of the South-land. It is also true that interest rates are still in the high three percent range for a thirty year fixed rate mortgage. And while property values may drop slightly sometime in the ...
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Norris Speaks I Listen

For nearly 20 years now, I have been a faithful attendee of the Thursday morning breakfast meeting held at The Inland Gateway Association of Realtors. Over these past two decades I have built many strong friendships. And, I have secured many transactions that might otherwise have been missed. But the main reason that I have religiously attended these meetings is that on this one day every week I am forced to focus on my craft. And, I am given access to information that I might not otherwise receive because of the speakers that they invite to enlighten us. This past week I sat in pure awe as Bruce Norris, a man whose opinions I respect greatly spoke to us at great length about the current real estate market. And, the challenges and opportunities that this market offers those willing to participate. There is no way that I can possibly cover in any detail all that he shared with us in such a limited space. I will however do my best. First it starts with our current interest rates. I have ...
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Old Solutions for Today's Problems

Today, I read an article in the newspaper that said Congress had passed a bill asking the banks to rent out their foreclosed homes while they waited to market the homes for sale. The idea is that this will stabilize neighborhoods impacted by a high number of foreclosures. And, in doing so preventing further erosion in values. On the surface this seems like a reasonable request. One well founded in reason. And, this is one possible solution to a concern certain to impact neighborhoods across the country. However the real solution is not in a temporary fix like this. Instead, the solution  is to see that these loans become performing loans once again. Now before I go any further, I must say that the ideas, I am about to discuss are not my own. In fact, they come from Bruce Norris (of whom I spoke last week). As I said in my last article, I have a tremendous respect for  Bruce. His understanding of our market borders on genius. And, having followed his projections for the past f...
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