Creative Real Estate Investing

Here’s an email I just got from Keith Watters:

Good day, hope all is well with you. Here are my thoughts and comments on what is happening in the Real Estate and Mortgage markets as of March 27th, 2009.

For sure we are going through crazy and uncertain times in the Real Estate and Mortgage Market. In 1989 the average house price was $350,000. by 1992 the average house price decreased to $250,000. and the mortgage interest rates where 12% to 13% range Wow.

Now we have interest rates as low as 3.2% and less. Will this save the Real Estate and Mortgage Market? People are and have always been focused on how much a month my mortgage costs. The low interest rates should remain and this should give a push to those first time home buyers who have steady jobs and savings.

Here lies our biggest challenge, the Banks have adjusted their lending guidelines and most Trust companies are lending at lower ratio’s than in the past. The Life companies, many of them are just not lending.

I guess the old saying is true….”A confused mind, always says no”
So what is really happening out there? Buyers are waiting to buy and hoping to steal properties at low discount prices and sellers are not willing to reduce to lower prices (unless they are forced to sell because of moving or divorce or some unforseen disaster.)

What can we do as professional Realtors and Mortgage brokers???
My only suggestion is….Keep on plugging, never give up and live the moment.
Continue your marketing, however, increase your activities, go and meet more people and attend functions where you can Network and meet more clients and prospects.
Work like a Rookie, who is going on vacation tomorrow, that should help.

Those are my thoughts. Good selling and good luck.

Current ICI rates 3 years 4.54% 5 years 5.14%
Residential rates 3.2% Floating
Wow Wow Wow……………..3.94% for 5 years
Multi-Residential up to 85% 3.35% for 5 years

Your Mortgage Mentor Since 1974 Keith D. Watters
c/o CYR Funding Inc. #11681, 300 John St. Ste. 328, Thornhill, Ontario
Direct: 647-219-5591 Email: icimoney@rogers.com
Bus: 905-731-1111×223 Fax: 905-731-6860

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