Yesterday’s housing news was dismal, but is it all bad? – According to Shiller the other half of Case:
“There’s a substantial risk of home prices falling another 15%, 20% or 25% more,” he said.
His reasoning is that the presence of Fannie and Freddie will be greatly reduced, and since they guarantee approximately 2/3 of the mortgages, what will be necessary is that private money will have to bridge the gap, and the cost of money is guaranteed to rise.
Of course the biggest problems are unemployment, and credit is still tight. It used to be that 15% down was acceptable. Can we please go back to that? If a buyer is working, has good credit, is not going over the income to monthly payment ratio – can we please loosen up and allow people to own homes again before the S – – – hits the fan?
P.S. I first bought a home in NYC when it was less expensive to own than it was to rent. The rental market was insanely expensive, and history is repeating itself…the market will eventually even out – and you know what else I predict? It will go back up as well – up > down > up > down – we have seen it over and over again….well those of us who are old enough to remember.
The art of the deal transcends all businesses, and more so in real estate than in many other professions. For the client, it's often an emotional purchase or sale, rather than a simple commodity or luxury item. I make it my mission to have each side come to terms with a transaction that works for everyone. It's not always easy, but good things in life usually take effort - something from which I've never shied.
Licensed since 2009 as a real estate sales agent in CT & NY, I often work with clients on the border of both areas.
With sales and distribution experience for luxury designer products, and watching/reacting to the markets, my acumen for sales was established. Achieving success and contributing to the growth of many global apparel designer brands, such as Giorgio Armani and Paul Smith for over 20 years, it was time for a change. I wanted to explore another passion that would keep me in one location rather than traveling the globe.
Now I have the best of both worlds, a successful business as a fulfilling personal life. My husband and I have lived in back country Greenwich since 2003, where we enjoy easy access to great biking, hiking and golf. We love to ski and that's usually where our travel takes us.
Life is good in Greenwich!
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