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I thought this story [1] was pretty funny. The announcement of a 50 basis point easing in the Fed’s bank discount rate (not the key rate the FOMC sets at their periodic meetings, although nobody seems interested in that nuance right now) has already set off a storm of enthusiastic buying [2] in the UK markets, with Wall Street sure to follow. Whatever we’re seeing, it ain’t calm! That being said, the Fed easing gives commentators like NPR’s Adam Davidson in his audio at [1] leverage to talk investors out of panicking with their 401(K)s and Countrywide deposits, so perhaps there’s potential calm in here somewhere.
The story is presently Google’s Top Biz Cluster, with well over 500 stories already. It’s already impacted on the US dollar’s value,[3] and that will bear close watching. The Fed is in a tight box, and anytime they do move the markets react violently one way or the other (or both!). Calm will arrive, but it won’t be today.
Many thanks to Oc-Ed, for his timely contribution:
We’d love to have your contributions as well. Any links comments, thoughts ideas are always welcome around here.
Are you in the mood for some really lousy advice with which to end your work week? Hat tip to L for this truly awful video, and for sharing his insight with us.
Edit: Video stubbornly keeps automatically starting. As such, we will not be embedding the video this time around.
Click here to view video.
She doesn’t want you to ruin the comps…? Why should an agent that represents the buyer or seller be worried about the comps? The agent should be worried about getting their client, whether they be a buyer or a seller, the best possible deal they can. This reeks of illegality. Don’t ask for a price reduction…? Don’t have them lower the price? They want to sell it, and they are relying on you to tell them what to list it for, not to protect the comps. Petrowitz advised buying down the loan instead of lowering the price. What if you had a cash buyer and they passed on looking at the house because it was priced too high– so you could help the buyer to buy down their loan. This is just ridiculous.
Petrowitz has less than 4 years experience, and she thinks she’s going to teach potential clients and realtors how to do their job? For whatever reason, however, she is trying to keep the inflated prices up. Do the math- it’s better if you lower the price $20,000 than if you buy the interest down 1 point: Loan Amount $200,000.00 for 30 yr. at 7% Monthly payment $1,330.60 Loan Amount $180,000.00 for 30 yr. at 8% Monthly payment $1,320.78
Petrowitz was right about one thing– there are definitely some agents that need to be weeded out!
