The good old days???

By
Real Estate Agent with RE/MAX Realty Group

   

The 70's

 

Most of you are probably younger than me.  You probably weren't in the real estate business in the 70's.  Heck, some of you weren't even born yet.  But I fondly remember the adventures of selling real estate in the late 70's.

Interest Rates:  The highest interest rate on a house I sold was 17 1/4!!   I remember the house and the buyers very clearly almost 30 years later.  The nice folks refinanced later at a much better rate of 14%.  Seriously.

Gas/Oil:   We'd have been happy to pay high prices for gas and oil.  Unfortunately there wasn't enough of it and gas lines were a way of life.  And you could only buy gas on certain days of the week depending on whether your license plate ended in an even or odd number.  Here in New England oil shortages were a major concern since most of our homes were heated by oil.  Homes with wood stoves and solar power were in demand and builders started to build with electric.  When oil shortages ended, homes with electric heat became hard to sell and still are.

Qualifying Buyers:   I'm not sure how it was where you live, but here we did our own qualifying of buyers.  The age of the mortgage officer hadn't arrived yet.  You set your buyers down, got all their financial information and did your own qualifying.  You wrote the contract and the buyers to the local banker. This tended to eliminate agents who couldn't do math. 

Dress:  Men agents wore suits.  Woman agents wore....yep, suits.

I'm sure there is more to remember but I'm getting older now.  What was I saying?

 

 

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Rainmaker
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Marti Garaughty
a highly caffeinated creative type. The Art of Marketing YOU
garaughty.com
Great post Linda, thanks for the memories. Having turned 50 a few months ago, I'm old enough to remember buying Coke in those green tinted bottles for 5 cents and running home after school to catch the latest episode of Star Trek.
November 04, 2006 11:53 AM
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Philip Turner
Mortgage Banker Since 1980
MCCUE MORTGAGE COMPANY

Congratulations on your Carnival of Active Rain win.  Unfortunately I remember everything you mention.

November 04, 2006 02:31 PM
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134,999
Kaye Thomas
e-PRO, Manhattan Beach CA
Real Estate West

Linda Great post.. Oh my do I remember...We all wore false eyelashes and hairpieces... 

 I started selling  fulltime in June 1979.. by October rates were going up daily.. I think the highest  rate was 18%.. We were so creative with our financing.. All we needed to hear was that a buyer fogged the mirror and we found a way to make the deal work. 

The deposit receipts were one page with a very small area to write all  the contingencies.. We all owned pens with extra fine points.  All documents were hand delivered.  If a buyer or seller was out of town we used telegrams from western union.

The good old days.. glad they are old days

 

 

November 04, 2006 05:44 PM
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Jeff Belonger
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
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Linda.... this was funny.  And congrats on the win.

In regards to what you stated about the fact that loan officers didn't come into play back then....that you qualified your own buyers..  Well, 2 programs back then.... 30 yr fixed and 15 yr fixed... lol  Now...over 400 loan programs.

 Again....  good job and congratulations.

November 04, 2006 06:51 PM
Anonymous #53
Anonymous
Kerry
Being born in 1968, I remember from about 1974 on. Waiting in long gas lines on your even or odd day depending on your license plate.  My mother drove a 1974 Lincoln that got about 4 MPG.  Also those were the days when you would get up on a Saturday, go play outside around 830-900 and not come home until dinner or later. My parents would never think twice to come and look for me. It was just the time we all lived in.  It was also the era when The Fonz was cool and going to McDonalds' was actually a HUGE deal, not a daily or weekly occurence for most of the kids today.  Great Blog Linda!
November 07, 2006 10:07 AM
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Linda Davis

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