Real Estate Associates Cape Cod Real Estate News

FRIDAY FACTS
July 2, 2010

Here are some sound bites from the NAR Resort Symposium held at Lake Tahoe June 13-15th. For my notes from the conference, please use this link:

There is continuing debate as to whether the market has bottomed, and some consumers are waiting – right or wrong.

Greece has an 80-85% home ownership rate, the highest in the world and very few mortgage defaults. Bridal families buy homes with cash. Their problem is government default – too high deficit and too high debt.

From 1982-2007 we were living large. The average house size increased 50%. Now, it’s the end of excess, a consumer reset with the question being: “Do we need it or do we want it?”

For the third time this year, Congress has skipped town and not renewed the National Flood Insurance Program It’s caught up in the deficit debate. Congress keeps kicking the can down the road because ultimately they want to reform the program comprehensively. NAR is keeping an eye on the following issues: subsidies, maps, wind provisions.

Reputation, trustworthiness and honesty are the most important factors in choosing an agent according to 57% of sellers and 54% of buyers.

The person who determines the question also determines the outcome. We’ve allowed the media to determine the question.

The biggest problem today is the lack of funding for mortgages. NAR’s leadership will be meeting with the 5 largest lenders (collectively 73% of the business) to discuss performance and come up with protocols. One focus will be directed toward second homes and investment properties.

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