If Rip Van Winkle Woke up Today, Would he Buy a Home?

By
Mortgage and Lending with Cornerstone Home Lending, Inc. Equal Housing Opportunity. Regulated by the Division of Real Estate. LMB100023827. NMLS257576.

Most of us are familiar with the tale of Rip Van Winkle who falls into a deep sleep after drinking a mysterious brew. Ever wonder what HE might say if he woke up today after a ninety-nine year nap about homeownership? It might go something like this:

What? I can buy a home for 30% less today than if I'd woke up 3 years sooner?

What? Inventory is much, much greater today than it was 3 years ago?

What? I can get these great savings, yet sellers are willing to negotiate with me because they WANT me to buy their home?

What? There are financing options allowing me to borrow, in some cases, 100% of the price of my home vs paying cash for it?

WHAT? The interest rates are witihin 1/8% of the lowest they've been for the past 315 years?

WHAT... YOU HAVE TO BE KIDDING ME???? On top of that, the government is going to give me $8,000 after I buy the home.

WHAT??? As my buyer's agent YOU are going to pay for the gas to drive me around to look at all these houses???

Last question: When can we get started?

(This was my interpretation of a story given to us at an office meeting by Barry Habib yesterday.)

 

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Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Cornerstone Home Lending, Inc.

Ruth Vogt Colorado Mortgage Lender Ruth Vogt, Colorado Area Manager

 #LMB100023827, NMLSR# 257576

 Equal Housing Opportunity. 

 Regulated by the Division of Real Estate.

   www.MyLenderOfChoice.com

   rvogt@houseloan.com  303-881-7849.

 

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Re-Blogged 4 times:

Re-Blogged By Re-Blogged At
  1. Connie Smith 12/17/2009 03:56 PM
  2. Guy Thomas 12/17/2009 11:20 PM
  3. Guy Thomas 12/17/2009 11:52 PM
  4. Joy Carter & Jeff Booker Brother and Sister Team 12/20/2009 04:41 PM
Location:
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Colorado Springs Neighborhoods
Keller Williams 'Rainers
WR Starkey Mortgage
Tags:
home buying
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Show All Comments
Rainer
66,112
Guy Thomas
WR Starkey Mortgage - Colorado Springs, CO

Ruth, this would make a great sales motivation story for sales meetings. It would put a different perspective on things.

Dec 17, 2009 04:49 PM #5
Rainmaker
719,027
Jackie Connelly-Fornuff
Douglas Elliman Real Estate in Babylon NY - Babylon, NY
"Moving at The Speed of YOU!"

What? YOU wrote this great blog? lol Great post Ruth! :)

Dec 17, 2009 04:58 PM #6
Rainmaker
388,127
Ruth Vogt
Cornerstone Home Lending, Inc. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Centennial, CO
303-395-3884. Apply 24/7 www.MyLenderOfChoice.com

Jane, I'm getting him prequalified now... having a little problem with a recent 2 year credit history. :)

Barb & Larry, I think that is a great "moral of the story"!

Dec 17, 2009 05:45 PM #7
Rainmaker
388,127
Ruth Vogt
Cornerstone Home Lending, Inc. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Centennial, CO
303-395-3884. Apply 24/7 www.MyLenderOfChoice.com

CONNIE! YES! YES! I AM PROUD OF YOU! I'll brag about you at the class tomorrow!

Guy, you are SO right. A great reality check for today.

Jackie, LOL! HEY... maybe YOU could reblog ME, for a change! ha!

Dec 17, 2009 05:47 PM #8
Ambassador
1,001,427
Craig Rutman
Helping people in transition - Cary, NC
Raleigh, Cary, Apex area Realtor

Great interpretation of life today in the world of Real estate!

I'm marking this as a featured blog post!

Dec 17, 2009 07:35 PM #9
Rainmaker
896,858
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

LOL Ruth.

Dec 17, 2009 10:51 PM #10
Rainer
34,165
Rebecca Fisher
Winter Haven, FL

Clean him up before he meets the lender. 99 years without a bath or a shave....

Dec 18, 2009 08:48 AM #11
Rainmaker
654,143
Joetta Fort
The DiGiorgio Group - Arvada, CO
Independent Broker, Homes Denver to Boulder

Hahaha - I was thinking the same as Rebecca.  Get Rip a shower and big cup of coffee and get him to a lender. Then it's  

WHAT?  I have to be employed. WHAT? I need a credit score? WHAT? I have to pay half my income to taxes before I get that $8,000?  If everyone who WANTS to buy a house was just squeezed into SOME loan ... oh wait, we already tried that.

But seriously, I keep reading about agents having these debates with buyers who are choosing to wait. Really? That would be frustrating. The only non-buying people I meet either can't qualify or already have a home.

Dec 18, 2009 09:08 AM #12
Rainmaker
372,764
Bob Willis
Berkshire Hathaway Home Services California Properties - Whittier, CA
Whittier RealtorĀ® Sells Homes in Southern Cal

I hope Rip already owned some properties before the big sleep.  What a move-up opportunity he would have!  What?  I only paid $8,000 for my house in 1909, and now I can sell it for $900,000?

Dec 18, 2009 09:50 AM #13
Rainmaker
1,264,038
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Very good points.  However, many people are choosing to go back to sleep waiting for it to get better.

Dec 18, 2009 11:32 AM #14
Rainer
3,678
Dan O'Neill
WR Starkey Mortgage - Highlands Ranch, CO

Looks like he likes the great outdoors, probably a land buyer.

Dec 18, 2009 11:48 AM #15
Ambassador
170,610
Jon Sigler
Embrace Home Loans, NMLS#119288 - Rocky Hill, CT
Connecticut FHA VA USDA Mortgage

Ruth,  Excellent post.  Love the creativity.

Dec 18, 2009 03:22 PM #16
Rainmaker
570,044
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Evening Ruth,  I have a buyer who may also have had a sip the that brew !   LOL   Hope your Holiday Season is the best ever !

Dec 18, 2009 04:34 PM #17
Rainer
47,971
Dianne Hicks
HomeSmart Real Estate - Temecula, CA

I don't know... Did Rip find a job yet. (LOL, just kidding) Great creative post!

Dec 18, 2009 04:39 PM #18
Rainmaker
285,706
Vanessa Stalets
RE/MAX Elite - Brentwood, TN
REALTOR, Brentwood TN Homes, Real Estate

What??!! You haven't bought a home yet?

lol, nice post!

Dec 18, 2009 04:55 PM #19
Rainmaker
819,273
Lyn Sims
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago - Schaumburg, IL
Schaumburg Homes

Cute Ruth, go get some gas & take em out!

Dec 18, 2009 05:54 PM #20
Ambassador
1,551,985
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth
Ruth, life and real estate is cyclical and depending when Rip awakens different things will surprise him. Great thoughts on the current situation.
Dec 18, 2009 06:10 PM #21
Rainmaker
62,863
Dolores Mauriello
CENTURY 21 Gemini LLC Realty - Wayne, NJ
Realtor, Homes For Sale Wayne NJ

Get the ink ready for the thumb print!

Dec 19, 2009 09:34 AM #22
Rainmaker
388,127
Ruth Vogt
Cornerstone Home Lending, Inc. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Centennial, CO
303-395-3884. Apply 24/7 www.MyLenderOfChoice.com

Thanks, Craig, I appreciate the flag for the feature!

Rebecca and Joetta, sounds like a sequel is possible here??? ha!

Bob! That's a very interesting thought, isn't it???

Gene, I fear the title for that soon to be blog, might be "could-a, should-a, didn't"!!

Thanks, Jon, and thanks for stopping by.

 

 

Dec 20, 2009 08:55 PM #23
Rainmaker
388,127
Ruth Vogt
Cornerstone Home Lending, Inc. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Centennial, CO
303-395-3884. Apply 24/7 www.MyLenderOfChoice.com

Bill, I fear we all know one or two of those buyers. Unfortunately. And a happy holiday season to you, too.

Dianne, no job and no FICO scores. uh-oh!

Appreciate you stopping by, Vanessa.   :)

Lyn, I'd get lost...which is why I became a lender and not a Realtor. ha-ha.

Gary, how true! Tomorrow's story could most likely be quite different.

Dolores, Do they even accept an "X" anymore???

Dec 20, 2009 09:05 PM #24
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