Rates Rise!!!!!!!!!!!!!!!!!!!!

[afm1]

:eek:

You snooze you lose !!!!!!!!!!!!!!!!!!

Fed raises rate by .25

Bond is thru the roof up 9 in a matter of 15 minutes. So much for low interest rates.

[San Diego Real Estate]

I agree especially here in San Diego! With our home prices...Ouch! :mad:

[Las Vegas Homes]

Greenspan had to go and open his mouth. I guess if we all put a nice little package together for him and send him on vacation before the next meeting we might be able to keep rates low for a little longer. The housing market in some parts of the country is drying up because of the interest rates. To be fair however, people have just become to use to the rates being this low. I can remember when rates were in the 8% range when I first moved to Las Vegas.

[afm1]

Agreed. It was bound to happen. Actually, I don't even think that inflation projections were that out of kilter, but he is the expert.

I look at it like this. Not to sound cheezy, but to quote Darwin, "only the strong survive". Rates going up will weed out the competition. I know it sounds negative to say this, but those who understand how to sell and be creative will prevail. For 2-3 years the fish have been jumping in the boat. Now, we need to change the bait and go fishin'...ha like that one? Ok, maybe not in Vegas, but generally speaking...

I know that a ton of mortgage companies grew too fast, and I think a lot of young punks (at least out here) got into real estate because they saw dollar signs and the potential to make a quick buck.

Hey, it is what it is, but it will be nice to not worry about negotiating bus fare and knocking down fees due to saturation in the industry. :D

[Las Vegas Homes]

I agree with you a lot of people got into the real estate business thinking they were going to make a quick buck or two. Real estate and the industries pertaining to a real estate transaction are very tough and require a lot of hard work. To many people want to do things that are less professional. This comes down to the way you handle people to the way your office and staff look. I was told once by a friend, that I always want to do things first class, well to me first class is the only way to go when dealing with the public. Their perception of you is as important as the way you present yourself.

[judyo]

I keep saying the same thing; rising rates will clean out the newer, less professional agents. I don't mean to generalize that all new agents are unprofessional but I seem to be dealing with many of them lately!

I went to take my continuing education test and out of the many people taking the test only a couple looked like business people. I realize that maybe some wanted to feel comfortable while taking a test & didn't feel the need to look professional, but I just can't describe the general look of the group. I walked out of there shaking my head.

Also, our office utilizes an at-home course & the tests are easy as pie (well, much easier, I think making a pie is difficult). It took me about 15 minutes to finish filling out my information & answering 100 simple questions. There were people there from the testing time before mine, which was an hour prior! Scary...

[afm1]

You just hit the nail on the head. We too have had issues across the board. Broker is sometimes a dirty word to agents. The funny thing is, bank, lender, broker, conduit, or whatever, we all offer the same products, the same programs, the same rates, and so on and so on. The difference from broker to broker or agent to agent is the level of professionalism and the will to not be greedy. Mortgages have so much regulation but anyone can become a loan officer. Huh, thats somehthin'....you do the math. I was working with someone over a year ago now, but at the time, he didn't even know how to calculate a payment for months. Imagine leaving the most important financial decision of your life in the hands of an unexperienced loan officer or real estate agent...sad. :(
Last year, I took my California exams on line to be licesned there. Let me tell ya, it was tough. But I still knocked both tests out in an hour or so. I highlighted the major points from each section and basically had my answers at the end of the chapter. I still learned a lot, but I was suprised at how quickly I burned thru it.

I met with a realtor the other day and he had on a pair of jeans and a ratty old shirt. Granted it was a morning meeting, but hey, everyone you come across is a potential customer. One should always remember that. Just my take on it.

[amberstar702]

judyo, I think your experience with so many people not dressing professionally is - sadly - a sign of the times. My husband and I have gone into various professional offices here (real estate, insurance, etc.) and most of the staff look like they came to do janitorial work. Many people think "casual" means slovenly. When we see people who actually look professional, we are surprised! :eek:

[HHI Golf Guy]

I went to take my continuing education test and out of the many people taking the test only a couple looked like business people. I realize that maybe some wanted to feel comfortable while taking a test & didn't feel the need to look professional, but I just can't describe the general look of the group.

I saw the same thing when I took my pre-licensing course last month. People wearing jeans, t-shirts, and sweat pants. In our market, even though it is dominated by multi-million dollar homes, golf clothing is the generally accepted attire - so it's not like anyone needs to go out and purchase Brooks Brothers suits.

We had one young lady in the class that had her nose pierced. All I could think about was walk-in looking to purchase a $3 million dollar home would think if she greeted them at the door.

But it wasn't only the look that I noticed. It was also the attitude and the poor grammar. There is no way that these people will inspire a feeling of confidence and trust with customers and clients. But I guess that's OK - it means more business for me :)