We have all been through the year that was. There has never been a year like 2021 and now 2022 is on the horizon. As many of you know, my wife and I are full time Brokers with many years in real estate. We have seen many, many years of UP and DOWN economies. Mostly they are controlled by politics. The law that controls prices … on real estate and every thing else is INTEREST rates. Low interest breeds HIGHER prices… High rates bring prices DOWN. You can see the low rates shot house prices UP… Way UP. The current government spending is bringing that awful word to bear … inflation … so prices on homes have to go DOWN. Because they are OUT of range. Home buyers look at their monthly payment just like a car they want to know : how much a month is this going to cost me? Higher interest rates bring higher monthly costs means they have to buy a cheaper home. Re-Fi rates will be higher so owners will have fewer choices. Look for the Ri-Fi market to decline sharply. There goes a lot of those EZ signings out the window. Foreclosures will sharply increase by March…bringing prices of the whole market DOWN.
The opposite market will surface …rather than buyers buying quickly because prices going up they now will wait because prices are coming down, Maybe next month things will be cheaper. Sales go DOWN.
The OUTCOME…LESS Sales, Ri-Fi’s = less work for Note’s.
TC’s and attorneys will use their own office help to handle the business. Because it will be LESS.
The new year is also bringing a new variant of COVID, Omicron, and who knows how many other variants down the line. This new variant is supposedly less deadly but much more contagious. This could lead to less people performing closings inside the actual title office, increasing our usefulness as traveling notaries. 🥲
As a follow up of my original post. The largest real estate company in the world has just defaulted on their loans (missed their payment). Even though it’s a Chinese company Our banks and investment companies ( aka Black Rock ) are heavily invested in this company.
Time to pay the piper!
Remember when the new car ads touted 0 interest for the car loan, well now I see ads for
1 3/4 % …makes a big difference for the monthly payment.
Due to overwhelming fraud. Many of the insurance companies in Florida are dropping polices and NO longer will write any further homeowners polices for Florida. RESULT…No insurance…NO mortgages.
Mortgage Interest rates going UP. This will kill many refi’s.
RON becoming much more accepted. Result… $50 for refi’s would be in line. NO travel.
What is a “Magor” update?
Really??? No one is writing insurance policies for homeowners? Really?? No mortgages, then? Really?? I don’t believe that for a minute.
And, calling notaries “Notes” seems just a little silly, but, whatever. . .
I’m in Florida. We’ve gone through this before. The problem is the few companies that continue to write polices raise their costs so much that the lenders have to lower their mortgage balances to meet the monthly requirements of their underwriters. Take a mortgage of $100,000. When they add higher insurance and higher taxes ( yep they have gone up to ) the buyer has to either make a higher down payment or move to a cheaper property. or lost sale !
Interesting that you would find fault with " Notes" What would you call us?
@JohnM-FLMany of us have as well . . . however, let’s not digress. It appears the request is simply for a bit of decorum, professionalism, and common courtesy. Certainly, it would be helpful if you could revise the “title” in the SUBJECT of the post to something more amenable to your audience please . . .
:saves a lot of typo-ing.
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