Happy September! Have $8,000!

During this economic downturn some interesting things have been happening. But, I wonder if they've addressed the problems?

For years, we as Realtors have been watching prices go up and up and up. We've been amazed that a home could increase in value year after year, just by sitting on a lot, with no updates and have it increase sometimes as much as 25% in one year. We KNEW that it would have to come to an end. And, to an end it did come.

For several years we watched buyers purchase home with no money down, with stated incomes, with no documentation, with no money down, just a smile on their faces. And we said, "This is nuts!" But, they qualified under some lenders qualifications and so we got them houses. And then those same people with 400 credit scores, no jobs, and no money stopped making their mortgage payments and we found out that lenders had been packaging these loans along with excellend loans in order to sell them off to investors. A lot deceitful. And they took advantage of one thing that everyone holds in high esteem: home ownership. We all feel like we are SOMEBODY because we OWN our own home.

When I first started out in this business, home ownership was something you worked towards. It was a privilege that you earned, not a right that you should be given. This country was founded on hard work and those who worked hard were rewarded with the fruits of their labor. Time and time again we seem to never learn the lesson that if you give someone something and they don't earn it, they run the risk of losing it either through neglect or repossession. It's part of the problem of instant gratification in this country. We think we can have it right away. And when we crashed, we discovered just how wrong we were. Again.

Lending is cleaning their act up. Fewer and fewer buyers are able to buy a home. The ones who can't are being given direction by good lenders on how to clean up their credit, how much money they'll need to save, what bills to pay off. And that's a great thing. Home ownership is a privilege. And those of us who really want a home will be able to buy one again. It may take us awhile to get there, but that's alright, too. When we get the keys to that door, it'll be all the sweeter.

The $8,000 tax credit is coming to a close quickly. the credit can be applied to your taxes if you buy and move into your home by November 30 of this year. After that...it's gone. Lots of young people who have never owned a home before are taking advantage of it. You should, too. First time homeowners are considered first time if they haven't owned a home within the last three years. Take advantage of the governments' graciousness. It won't be here much longer. Keep in mind, it typically takes about six weeks to close a property. If you found a house today, it'd take you until the middle of October to close.

Enjoy!