Friday, November 30, 2007

Let's Talk... Todays News!
Brought to you by Michelle DeNomme, REALTOR with Prudential Florida WCI Realty and your financial partners at WCI Mortgage, an Affiliate of Wells Fargo Home Mortgage!

In today’s competitive market, it’s essential that we maximize every aspect of our business. From time management and productivity to marketing and developing client relationships, there are numerous challenges and opportunities facing every professional.

In The News:

Fed Official Sees Housing Rebound
American Banker, November 28, 2007
By Steven Sloan

The worst of the problems in the housing market should pass by June 30, according to Charles Plosser, the president of the Federal Reserve Bank of Philadelphia.
"I expect the decline in housing activity will bottom out by the end of the second quarter next year," Mr. Plosser said in a speech outlining his economic forecast at the University of Rochester. "Residential investment should then turn positive in the remaining quarters of the year, for the first time in more than two years." He also said the Fed cannot help the market determine the true price of risky subprime mortgages.

"It is important to recognize that the Federal Reserve cannot resolve this price discovery problem," he said. "The markets will have to figure this out."

Traveling around the state and speaking to many others in the Real Estate industry, I find that so many of us have much in common as we navigate the waters of the current market. We agree that the media is driving much of this. Therefore, it is more important than ever that we educate our clients. It is up to us! It is a buyer’s market and there are buyers out there. We have to do what we do best, bring the buyers and sellers together. We are going back to the basics to get this done. In the end, we will be stronger and better for it!
In light of all of the media news, I thought it would be enlightening, and fun, to share some of the media quotes that have been made in the past. If you would like to copy and share any information in the Team News with your clients, please feel free to do so.
Media Quotes Regarding Housing Forecast… This puts the media coverage we see and hear into perspective Tracking the Track Record What the ‘Experts’ Say about Housing Prices

“The prices of houses seem to have reached a plateau, and there is reasonable expectancy that prices will decline.”- Time Magazine 1947

“Houses cost too much for the mass market. Today’s average price is out of reach for two-thirds of all buyers.” Science Digest 1948 (average price at the time: $8,000)

“The goal of owning a home seems to be getting beyond the reach of more and more Americans.”-Business Week 1969 (average price at the time: $28,000)

“The era of easy profits in real estate may be drawing to a close.”-Money Magazine 1981

“If you are looking to buy, be careful. Rising home values are not a sure thing anymore.”-Miami Herald 1985

“Most economists agree…a home will become little more than a roof and a tax deduction, certainly not the lucrative investment it was…”-Money Magazine 1986

“We’re starting to go back to the time when you bought a home not for its potential money-making abilities, but rather as a nesting spot.”-Los Angeles Times 1993 Note that 1993 was the absolute low-point for real estate values in Los Angeles. Prices have sky-rocketed since.

“Financial planners agree that houses will continue to be a poor investment.”
-Kiplinger’s Personal Financial Magazine 1993

“A home is where the bad investment is.” -San Francisco Examiner 1996

Why use WCI Mortgage, an Affiliate of Wells Fargo Home Mortgage?
The list is endless! But we will list and go into detail on one each week. Let’s start with- We’re part of your TEAM! We are here to support you and your efforts! Grow our successes together~ as one. When you succeed, we succeed. We have many programs in place to ensure your success.

Straight To Close!

This is a program that our clients love and our Realtor partners too! Straight to close is a program that is exactly as I sounds- an acceptable appraisal, title, homeowner’s insurance, and straight to close you go!

Realtor Question: Will my buyer pay a higher rate to qualify for the straight to close program?

WCI Mortgage Answer: Not with us! We will give them the standard rate for the product of their choice, be it one of our many ARMs or one of our fixed rate options!

Realtor Question: How do I find out if my buyer can qualify for straight to close?

WCI Mortgage Answer: Call us! We can speak with your client and let you know within 30 minutes!

With all of the recent changes in the industry, to still have this program available is a high benefit to all parties involved. Realtors know that they have a commitment up front, buyer and sellers know that they have a commitment up front! Allows for faster closings, better efficiencies, better customer service= Isn’t that what it’s all about?

Lets Talk! If you have questions about any of our programs and products, or if you would like to speak with us about our partnership with you, please call us! We are committed to your success!
After all, we are a team!
Michelle DeNomme, REALTOR

Thought of the week:

“Tomorrow comes at us with ever-increasing speed. We need to engage it- today. Seize its opportunity- now. Start shaping its possibilities- in this very moment. And our approach must be very different from behaviors we’ve relied on in the past. The promise and opportunities that the future offers are outstanding. Truly unprecedented. But we have to deliberately manage toward maƱana.”
~Price Pritchett

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