February 2008 The New Quick Mortgage Minute
Weekly Newsletter for Your Business! 
Sam Dear Sam,
 
Happy President's Day!  In case you need a great mortgage and your bank is closed, call me!  We're open to serve you.  :)

I noticed in The Charlotte Observer on Saturday that Charlotte's average home price for 2007 was a bit higher than it was in 2006, but did that make the headline?  You guessed it.  The headline was "National slump hit home in 2007".  The headline and beginning of the article talked about Charlotte's home sales dropping 11% from 2006 which is better than the national average of a 13% drop in sales.
 
Also mentioned was that the national median price dropped a whopping 1.3%.  Really?  Is that all?  From the things I hear and read in the papers, I thought it was around 20% off!!!
 
If you have any influence over the media, please help them see that they are the main reason we are in a 'slump'. And, help them see that it's really not bad unless you live in some areas that have extenuating circumstances. 
 
Let's all be as positive as we can anytime we talk to anyone about our market.  This enthusiasm will help you and all of us trying to make a living in real estate because now it a really great time to buy a house in our market!
 
I am doing my part, keep reading this email!
 
Sam Thompson, Senior Mortgage Advisor
Mortgage Services, PHH Mortgage
 
 
Don't forget about the neat trophy "Thinking Outside the Box" that I am giving away to the one with the best creative comment to help me serve you better!!  Ends soon!  I've gotten some great feedback but I want more so I can improve my service to you!

 
Tell Wall Street to take a hike and take advantage of some better investment opportunities right here at 'HOME'!

JimCramerMad
"I double dare you to buy a house right now!"
Do you think these guys have an agenda?
 

It's high time we told buyers (and sellers, for that matter) the truth about whether a home is a good investment.

Despite what Wall Street wants you to believe and our 'bad news media', owning a home isn't the same kind of investment as stocks or bonds. What you get is a USE asset that depreciates over time while it grows in market value. All you have to do is keep the home in good repair to maximize your investment.

Here are five reasons why you get more for your money with a house than the stock market:

1. Leverage. With stocks, you put in all your money for a little piece of a company. With a house, you put in a little money to get the entire house.

2. Tax benefits. Uncle Sam knows that owning a home is a pain in the neck; that's why you get tax incentives. These are basically government bribes to get you to buy.

Think about it, with what other investment can you put in 5 percent of the cost of the asset, reap all the appreciation, and pay no capital gains? That's right: live in your home for at least two years, and you don't have to pay capital gains tax on up to $250,000 in appreciation if you're single and a combined $500,000 if you're a married couple.

And that's not all - consider the benefits of fixed-rate mortgages, property tax write-offs, interest rate deductions, and depreciation. Is this a great country or what?

3. Control. When you buy stocks, you're paying some CEO 500 times the average worker's salary for company performance that most other workers would lose their job over. With a home, you have control - what you buy, how much you pay, and where you live. You can improve the value with repairs and updates. Try comparing that to getting heard at the next shareholders' meeting!

4. Lifestyle. Do you want to look at a concrete jungle or your children playing in your own back yard? With a home, you're purchasing a vantage point for yourself and your family. The neighborhood you want to be in, and the size and style of a home that fits your needs.

5. Value. Unlike some stocks, your house will seldom become worthless. Barring a catastrophe, your home will retain a major portion of its value, even in the worst of times. So don't freak out about slight fluctuations in the value of your home in any given year. You'll make it up. Housing has lost value only one year out of the last 35. It's more normal to beat inflation by 1 percent to 2 percent.

Take Stock in This
So let's add a little perspective here. You lost a greater percentage on the stock market this past year than if you owned a house. You lost more on your SUV. And you sure lost more on your iPhone.

And keep this in mind: When it rains, which would you rather have over your head - a roof or a stock certificate?


One more time for good measure...REMEMBER TO CALL ME TO HELP YOU, ESPECIALLY FOR YOUR JUMBO BUYERS!  My Regional Manager said that our jumbo rates are kicking everybody's butts right now so be a hero and ask your buyers in the $417K+ loan range to let us give them a better deal than the competition.  We love to compete and we especially..
 
...love those jumbos!


My brands* that I represent are:
 
phhlogo     cblogo 
 
    c21logo    eralogo
 
Want to jazz up your website?  Add the "get approved" graphic below and then put my website link in the properties of the image as follows.  Call me if you need help with this.

*Any time I am working with your client, if you are under a specific brand, I am projecting your brand logo in all that I say and do as do my colleagues.
 
Weekly Tip -  It's Show Time!
 

 RoySchieder
'Jaws' Police Chief Brody
Roy Schieder  1932-2008
 
In Honor of Roy Schieder's passing last week, I thought it would be appropriate to talk about the open house. If you are my age you may have seen his 1979 movie "All That Jazz".  In this movie he uses this line over and over again;
 

"ITS SHOW TIME"

 

Everyone that attends an open house has a motive, be it buying or selling, but some of it is to find out more about you. They are looking to see if you are the agent they want to work with.  Let's face it, rarely does a prospect walk into an open house with their check book in hand and say "I want to make an offer".

 

Too many times, agents tell me that they just had a bunch of dummies come through their open house last weekend. Think about it, they aren't dummies, they are doing their homework.  They might have been looking for the value in using a real estate agent and hopefully, they thought more of you!

 

The good news is, if you are prepared and show them the value in using you, you will have a customer. Remember the Internet has changed businesses drastically.  Just look at stock brokers, before Etrade everybody used them to buy stocks. Did they all go out of business?  No, but some did. 

 

Before the Internet, buyers had to use real estate agents because there wasn't anyway to get information about a property without an MLS book.  But now they have Realtor.com and plenty of other online search engines.  You can no longer be an MLS book, use the open house to show them why you are valuable.  


When your open house lookers leave, you want them saying, "I really liked that Realtor and I am really glad we stopped by".  When they feel this way, they are going to think of you and will recommend you to others too, anytime they think of real estate.  

 
So, get out and dazzle so prospective buyers and always remember,

"IT'S  SHOW  TIME!"

Another line Roy made famous when they saw Jaws for the first time was, ''You're gonna need a bigger boat'' and this is going to be the case for your success too!
 
 
Weekly Mortgage Commentary Snippet
Rate Lock Advisory - Monday Feb. 18th


There are only three economic reports worth watching this week that are likely to affect mortgage rates. Two of them are scheduled for release the same day, meaning we may see a relatively calm week for mortgage rates. The financial markets are closed today in observance of the President's Day Holiday and will reopen Tuesday morning. You may find some lenders to be open for business today, but I would not expect to see new rates issued until Tuesday.

For the full text, click here!