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- Pacific West
- Pacific West Association of REALTORS® (PWR) is the fifth largest local REALTOR® association in the nation and the largest local Association of REALTORS® in the state of California, serving approximately 15,000 real estate professionals. PWR’s government affairs team works closely with local, state and federal officials to advocate for home ownership and private property rights in Orange and South Los Angeles counties.
6 comments:
WAY TO GO CHARLES! I read the email from the NAR about how you depicted the current and future housing market. WAY TO GO! Homes are to be lived in to build community and family. So many people now a days look for the quick buck. Stop, Think, and build your future and family in a community! Home values will always go up historically.
We as an industry must continue to remind the public that houses are not a FINANCIAL investment. Houses are bought to make a home, to raise a family, to build a community, to builds the society in which we live.
When we speak of financial investments we are outside our area of expertise and the media takes full advantage of this and so they should.
The media is a profit center. They must create conflict via misinformation in order to get ratings.
The freedom & ability to own a home in any economic cycle is a testament to the American Dream of homeownership. I bought my first home and paid 16% interest rate in 1982. I didn't care. I had a home for my bride!
We (Realtors) are the experts! We need not state the obvious. As Realtors we should never let others define us.
Nevertheless we should also not close our eyes to the reality of the current market conditions. If we do. The media will define us and pray on our optimism about the future.
These are NOT good economic times for real estate INVESTMENTS (1-4 units). This must be conceded by our industry and not tip-toed around in the media.
Let's not ignore the obvious while we fulfill our mission as Realtors.
And what is that mission??
Our mission is and will always be to help families buy a house to make a home, a home to raise a family, from which we build a community, to streighten our society into ......one nation under God indivisiable with liberty and justice for all.
That's what I am are all about.
Noel A. Jaimes, Real Estate Broker
La Mirada, Ca
The best time to buy real estate is when the demand is low with 10% down financing 90%. Renting out the property and covering all expenses. The reason the property values are so high is due to low interst rate causing too many federal reserve notes chasing whatever real estate is available. When home prices hit a certain value, even with interest rates at 6%, they become unaffordable. For values to be sustained, interset rates will need to be lower from 6% to 4 1/2%. Or wages will need to rise or values need to come down. What is need to maintain stability in the market place is money not Federal Reserve Notes.
I tell people all the time that buying real estate is a long term investment and they shouldn't just look at the short term results, rather look at the historical results. It may go up and down over the years but if you look at it historically values have always been increasing.
I spent 55 years in the insurance
industry. In retirement I became a
Realtor. As a new kid on the block,
what I see is that the Feds need to
lower the interest rate to a realistic 4 & 1/2 to 5%, the conforming loan limit should be raised to a realistic $517,000 or
$617,000 the point system on loans
should be realistically reduced by
50% or more. This would enable the
mortgage co.'s to unload their inventory and help qualify the mass
of buyers who today cannot qualify for a loan. As it stands today, the
mortgage co.'s are in the real estate business and the realtors
are out of business. Just a thought.
Robert Kiyosaki, author of "Rich Dad Poor Dad" says it best. You grow your financial empire by buying and acquiring CASH FLOW properties, and dont think of your own house as an investment only. Unskilled investors, having watched too many TV infomercials, get lured into 'schemes' of zero or low down, and then leveraging kills them. Same thing happened in stocks, where borrowed money was used to buy stocks,and they crashed as well, taking many mom and pop investors with them.
Jim Kramer appeals to those types who like hype and hoopla and controversy. Skilled investors never go with mass hysteria.
Always look for MULTIPLE sources of income. If your broker can make money from Real Estate, Mortgage, Escrow and other items, why not you as an agent. I now have multiple sources of income and am now financially free.
Haas Khaku
714-719-7060.
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