It was refreshing to find it down in the lower 60’s when heading to work this morning, and it looks like we’ll have similar overnight temps these coming days. My eyes were bulging a bit when I looked at the national weather and read that the Southwest is going to be breaking all-time high temps this coming week because of a monster heat wave they’re experiencing. I don’t even want to think about what it would be like to be outdoors in 110+ degree temperatures. If I read it right, that system is going to slowly move in a north-easterly direction, and fortunately it’ll be far enough south of us where we shouldn’t be affected. What a crazy summer we’ve been having!
I took some tent open house signs out to the two homes I’ll be having open tomorrow, and placed them at the nearest busy corner. I’m really hoping there’ll be some good activity on the both of them. Now please don’t think I’m exaggerating when saying those two homes are both well below what similar homes are selling for in our City. After looking at the recent closed sales in our market, I’d say there’s been a number of lipsticked pigs selling for record-high prices. Today’s sold postings were telling a similar story, which has me all the more convinced that our market here will continue to climb, or we’re going to be seeing an ugly correction, and you can bet it’ll hit us like two freight train collisions.
There was a home that sold three years ago which I thought brought far more than what I believed it worth, and wouldn’t you know it, those new owners now have it reduced to the same price they paid for it, which means they’re going to be losing money on it no matter what, because nearly no one pays asking price on reduced homes; and then there are those hard costs the sellers will have to pay, and the three big ones being the mortgage payoff, the real estate commission, and the catching up of the real estate taxes. I’d say by the time it goes under contract and then closes, the sellers will be out close to $10K. Now can you imagine how many people are going to be upside-down with their mortgages if our market goes south? Let’s hope it at least stabilizes instead of crashing.
I had my closing today on 1704 S. Pennsylvania late this morning, and before walking away from their table, I mentioned to the agent, “I wish I had 15 homes like this one, because they’d all be sold by now. That so happened to be the home I had four offers on my desk last month, and to think it wasn’t even listed a week. It confirmed my suspicion that there still are investors and flippers out there who’re now focusing only on homes that are in easily marketable neighborhoods.
I received another email from an insurance agent today asking more questions about a home I have listed, and it seems that particular office is the worst when it comes to the multiple questions which I find irritating because that person could just as easily call for a appointment to see the home, take the need notes, and then be done. Isn’t it funny how some “professionals” are always suckering others into doing their jobs for them? Perhaps that’s how their book of business has grown so big because of all the free help received from others. I’m just glad I don’t have my insurance with that office.
While on the phone today with one of my clients, we ended up talking about some of the tradespeople we have to deal with, to where it seems to be getting all the more difficult to find reputable companies who offer fair prices along with good services. Thirty years ago, most companies weren’t out trying to make their first million by over-charging their customers, but for some reason, they’re now hell-bent on making it all the quicker.
My second and last closing of the day, took all the longer because of the final walk-thru, and only because of the size and scope of what we had to look at. We were actually 15 minutes late, but at least I called the closing agent beforehand just so she wasn’t calling and asking where I was.
The closing went very well, and when walking out with the buyers, I was all the more convinced that home is going to fit like a glove for them, and definitely be a place where heart-felt memories will be created. While walking thru it again today, I was once again smitten by its location and quality of construction. There’ll not be another home of its quality coming on the market anytime soon, because homes like that are few and far between.
When glancing at the BBC News today, I was glad to see that our Country finally placed sanctions on the Chinese government over their treatment of the Uyghurs who’re a Muslim minority living in northwest China. When reading about the treatment of those hundreds of thousands of people, it sickened me to think governments in today’s world still have detention/concentration camps. Of course their government kicked back by basically saying, “Mind your own business!” With the more strict new laws they’ve recently enacted in Hong Kong, I’d say China is without a doubt, evolving into the most totalitarian of regimes in today’s world. My heart goes out to people who’re repressed because of their religious beliefs, as well as those who insist on being treated with the same respect their “chosen ones” are given. It’s just one more example of the erosion that’s taking place in our world’s democracies, as well as a confirmation that one party systems NEVER work for the majority, because the elite will always have the last say.
I couldn’t help stopping at another closing-out sale of a gardening section, and buying a few more deeply discounted items. People have to remember that nearly all packaged seeds will germinate if kept in a dry area and away from sunlight over the winter.
Tonight’s one-liner is: I find by experience, that the mind and the body are more than married, for they are the most intimately united; and when one suffers, the other sympathizes.