Hello, and welcome to Real Estate Reality Radio. The most important hour of radio every Friday from 9 to 10 on WBCB 1490 am. Thank you for joining us. For those of you who are new to the show I have spent the last 40 years in the real estate industry both as a realtor and a mortgage banker.
The show is dedicated to dispelling the myths associated with Real Estate and finance in your marketplace.
Within every market there are obstacles and solutions on the path to tremendous opportunities. I believe that most people are looking for practical advice. Please feel free to call 215-740-8999 or visit peterbuchsbaum.com.
Please join us live on the web at www.wbcb1490.com or on your FREE app Tune In Radio from 9:00am to 10:00 am every Friday.
So last week we were joined by Timothy Gulla from Equity Real Estate in a discussion about a different type of real estate office.
This week the Real Estate News was all but non- existent. However, there was a great article on Boomerang kids coming home. The writer expressed the fact that “its okay to stay with mom and dad”. Wow! Times have changed. I could not wait to get out. According to the article Trulia conducted a survey that showed 25% of those between 18 and 34 with jobs are happy at home with mom and dad. This is the biggest reason that homeownership is at its lowest level since 1995. According to an article in the Inquirer, Home Sales near Normal for the first time since 2009. According to the National Association of Realtors sales increased 6.5% from the June numbers. Over the past 12 months sales are up 17.2%. They have stayed above the 5 million unit pace for three straight months. The next question to be answered is did the sudden increase in rates cause this pace to slow in the coming months? Finally Gary Indiana has a great idea for their vacant properties. They are selling homes for $1. You head that correctly. These distressed homes need repair and the city is getting the job done with an old fashioned idea. “Sweat equity”. The city is buying up the homes at tax sales and letting qualified buyers pay $1 and fix them up to live in them. They have deemed it a neighborhood stabilization program. Qualifications are based on living in the area for a certain amount of time and making less than the area median income. Out of 400 applicants 25 made the grade. I like the idea.
Today Eddie and I are on our own to discuss the new normal in your marketplace.
Please join us live at www.wbcb1490.com for the open discussion about what’s next in your marketplace.
In combination with CBS and WPHT 1210 am we have also been fortunate enough to have been asked to write some articles in “Local Living Magazine” to explore some of the questions you all ask us and the answers we provide. Look for your latest issue this month. For a FREE subscription please email us.
Each week we discuss the myths of the mortgage market. It is not about rate. A higher rate with no mortgage insurance may provide a lower payment.