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-Bloggged 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
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Location:
Colorado Denver County Denver
Groups:
Active Rain Newbies
Colorado Springs Neighborhoods
Keller Williams 'Rainers
WR Starkey Mortgage
Tags:
home buying
time to buy

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Show All Comments
Rainer
66,112
Guy Thomas
WR Starkey Mortgage

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

December 17, 2009 04:49 PM
Rainmaker
714,035
Jackie Connelly-Fornuff
Century 21 AA Lindenhurst NY
Long Island NY Real Estate Agent

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

December 17, 2009 04:58 PM
Rainmaker
383,300
Ruth Vogt
303-395-3884. Apply 24/7 www.MyLenderOfChoice.com
Cornerstone Home Lending, Inc. Equal Housing Opportunity. Regulated by the Division of Real Estate.

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"!

December 17, 2009 05:45 PM
Rainmaker
383,300
Ruth Vogt
303-395-3884. Apply 24/7 www.MyLenderOfChoice.com
Cornerstone Home Lending, Inc. Equal Housing Opportunity. Regulated by the Division of Real Estate.

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!

December 17, 2009 05:47 PM
Ambassador
984,678
Craig Rutman
Raleigh, Cary, Apex area Realtor
Helping people in transition

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

I'm marking this as a featured blog post!

December 17, 2009 07:35 PM
Rainmaker
882,116
Jane Peters
Connecting you to the L.A. real estate scene
Power Brokers Int'l

LOL Ruth.

December 17, 2009 10:51 PM
Rainer
34,165
Rebecca Fisher

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

December 18, 2009 08:48 AM
Rainmaker
653,973
Joetta Fort
Independent Broker, Homes Denver to Boulder
The DiGiorgio Group

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.

December 18, 2009 09:08 AM
Rainmaker
366,934
Bob Willis
Whittier RealtorĀ® Sells Homes in Southern Cal
Berkshire Hathaway Home Services California Properties

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?

December 18, 2009 09:50 AM
Rainmaker
1,237,398
Gene Riemenschneider
Turning Houses into Homes
Home Point Real Estate

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

December 18, 2009 11:32 AM
Rainer
3,678
Dan O'Neill
WR Starkey Mortgage

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

December 18, 2009 11:48 AM
Ambassador
168,360
Jon Sigler
Connecticut FHA VA USDA Mortgage
Embrace Home Loans, NMLS#119288

Ruth,  Excellent post.  Love the creativity.

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

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 !

December 18, 2009 04:34 PM
Rainer
47,971
Dianne Hicks
HomeSmart Real Estate

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

December 18, 2009 04:39 PM
Rainmaker
284,294
Vanessa Stalets
REALTOR, Brentwood TN Homes, Real Estate
RE/MAX Elite

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

lol, nice post!

December 18, 2009 04:55 PM
Rainmaker
808,064
Lyn Sims
Schaumburg Homes
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago

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

December 18, 2009 05:54 PM
Ambassador
1,529,924
Gary Woltal
Assoc. Broker Realtor SFR Dallas Ft. Worth
Keller Williams Realty
Ruth, life and real estate is cyclical and depending when Rip awakens different things will surprise him. Great thoughts on the current situation.
December 18, 2009 06:10 PM
Rainmaker
62,788
Dolores Mauriello
Realtor, Homes For Sale Wayne NJ
CENTURY 21 Gemini LLC Realty

Get the ink ready for the thumb print!

December 19, 2009 09:34 AM
Rainmaker
383,300
Ruth Vogt
303-395-3884. Apply 24/7 www.MyLenderOfChoice.com
Cornerstone Home Lending, Inc. Equal Housing Opportunity. Regulated by the Division of Real Estate.

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.

 

 

December 20, 2009 08:55 PM
Rainmaker
383,300
Ruth Vogt
303-395-3884. Apply 24/7 www.MyLenderOfChoice.com
Cornerstone Home Lending, Inc. Equal Housing Opportunity. Regulated by the Division of Real Estate.

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???

December 20, 2009 09:05 PM
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Rainmaker
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Ruth Vogt

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