Posted by: Paul @ 11:28 PM

Posted by: Paul @ 7:42 AM

Reading a previous post from October of last year is so bittersweet, because it references a 10th anniversary dinner with my wife. That was the last time I physically cried, because she surprised me with a positive pregnancy test. It was an evening that was so perfect, I wanted it to never end.

Since that day, I have basically WANTED to cry all of the time. Certainly not the most macho of statements to make, but there is no doubt that God has and continues to put us to the sternest of tests.

We lost the baby at around eight weeks. Laura has been great about it, though I know her heart is broken. I was a mess for a month, I mean literally could not drop it into gear. At the same time the market started to tank, a couple investments went sideways, and here we are one year later attempting, like so many in this crazy financial tumult, to stay solvent. I have moved my business to a new brokerage, RE/MAX Leading Edge in DeLand. The move was made under less than ideal circumstances. I felt as though my presence and contribution to my previous brokerage was under-appreciated. Regardless, it was time for a change. RE/MAX has been great, and their resources are second to none. There is no other logical choice if client desires marketing scope and general organization.

This phase of your humble blogger's existence will undoubtedly prove to be the most demanding. We are faced with some hard choices, our beautiful son is growing up, our obligations are becoming more acute, and there is still a burning desire to expand our family, though we are no longer spring chickens. I must extricate myself from the malaise that has engulfed me for the last six months. In that time, sleep has been scarce, exercise has been sporadic, and spirituality has been countered with a creeping pessimism.

Time to rub some dirt on it and get back in the game!

Hey, anybody wanna own or convey some real property?!

Excuse me while I seize the day...

Posted by: Paul @ 9:13 AM

The stakes are definitely going up. If you haven't checked your credit in a while, do so now rather than later. The lending requirements for stated income and less than prime credit are now at nightmare proportions, all as a result of fallout from the subprime (a.k.a. "We'll give ANYONE a loan!") market. My assistant Beth and I (we're both mortgage lenders) just jumped through a thousand hoops to refi a perfect borrower (unbelievable job history, credit and home equity) and still needed extra comparables for a perfectly acceptable appraisal.

The hacks over at CBS just did a hit-piece on REALTORS, and how we haven't changed our commission structure, regardless of the escalating home prices. Two things never cease to amaze me: 1. That CBS, the network who thought their anemic evening news could be saved by the feckless Katie Couric, is still a network. And 2. That they question anyone's credibility in the wake of the Memogate scandal that booted Dan Rather and a cadre of delusional crusaders from the network. I've got news for the "Tiffany Network:" Our industry will most assuredly outlast your sorry li'l experiment with the unblinking eye.

Posted by: Paul @ 8:15 PM

Things have started to pick up in our little corner of the world, with residential sales in DeLand showing signs of life. Investors are lurking, however, and articles like these are not helping retail pricing to stay... well, retail.

Hey, I for one hope the banks take it on the chin. As a mortgage lender, I never understand why we qualify a buyer based on a percentage of his/her gross income. We don't see the gross income (and that's why April 15th of each year is just a stress-filled day for us, instead of what it should be... Bastille Day for the federal government thieves), we see the net. And from that point, we should qualify based on specific percentages. These stated income, no doc garbage loans can and will give the banks a complete nightmare for the next two years. As Bruce Willis chortled in Die Hard... "Welcome to the party, pal!"

Posted by: Paul @ 10:22 PM

As the ol' clock on the wall indicates, it's been a long day. The buyers are starting to dip their toes into the quagmire of our residential inventory pool. Now if we could just keep sellers from dunking the buyer's head under water when they get up the nerve to make an offer.

Came across a few tasty vacant land deals today, and can't for the life of me find a buyer to fit the acreage. Rates are actually holding steady while this market attempts to manage its tailspin. Here's hoping the FL legislature makes the necessary adjustments to our property tax setup to insure that the tap of baby boomers heading south stays securely in the "one" position. But, hey... when was the last time we saw a politician do something for their constituents? Nighty nite... er... good morning.

Posted by: Paul @ 12:38 AM

I have no idea whether today was successful or not. Four contracts for purchase were generated, and one was accepted. There are two others that are in limbo, and one which was met with a cool "no thank you." It's alright, as those who continue to insist upon last year's value for their property will have until next year to realize what has actually happened.

I am going to have to make the dreaded phone calls tomorrow... to ALL of my clients. The jist of the conversation will be to become realistic with their pricing, or sign an extension on our agreement to at least double the length of time we've originally agreed to list the property. There are owners going belly-up as we speak, and builders who've decided to walk away from the projects of all sizes. It's alarming, actually.

To all ships at sea: if you're buying, don't dip a toe.... JUMP IN NOW! Rates are great, and deals are plentiful. Case in point, the dated but quite livable FOUR bedroom, 2 bath block home overlooking a lake in Deltona that we've contracted for significantly less than the $155k asking price. At less than $100 per square foot, this first-time homebuyer/single mom will not comprehend the magnitude of her purchase until she gets her mortgage coupon book and sees that her monthly payment is less than the price of renting the home!

No matter the size or frequency of the big transactions I've been fortunate enough to close, it's the thrill of helping a first-time homeowner that still geeks me!

Gotta go hang with the wife. Until tomorrow.

Posted by: Paul @ 11:13 PM

Posted by: Paul @ 10:11 AM