So here we are at the 23rd of October where we can freely and officially say we had our first frost early this morning. I covered what needed to be protected, so we’ll see these coming days if they managed to make it thru the night. I don’t think it got as cold as it was supposed to, because my car thermometer said it was 31 degrees while driving to work, so perhaps it wasn’t as bad as they were predicting. When I looked at the plants behind my office later today, they did get a little nipped, but nothing so serious to where they’ll die.
I had much to do this morning with printing out a copy of a crazy appraisal on one of my sales, and after looking at it closely, I’d say that appraiser didn’t pay close attention to what homes were being used as comparables. After reading thru it, I found it a confirmation of nearly exactly what I spoke about last night. Price per square footage and the use of homes in entirely different neighborhoods. Now tell me, would you compare a home in a general residential neighborhood to one across an alley from a fast food restaurant and drug store? For sure if I’d done that appraisal, I would’ve looked for more “like” properties. This is another example of the abuses that take place when being supplied information from a so-called licensed professional. Now you see why meritocracy is eating away at our middle class?
Unfortunately the seller is out of town this weekend, but at least I did manage to get in touch with him by phone and went over those results. Since I’ve done a great deal of business for that family over the years, I suspect when he arrives at my office on Monday morning, he’ll be telling me to put it back on the market. It’ll be unfortunate for that buyer if he does because that’ll mean $400 or $500 of the buyers went up in smoke. Wouldn’t it be nice if an appraiser who can’t meet a sale price would be willing to remit to the buyer the fee paid? The least I would expect from such a waste, is for that particular appraiser to perform that buyer’s next appraisal for free. For sure that ain’t gonna happen. I understand needy, but not greedy. The most unfortunate thing about this transaction going sour, is that a first-time buyer will have to continue renting until another lower-priced home comes along. Very unfortunate.
I’d heard our illustrious Governor was going to set aside funds for struggling families to get their first homes purchased, but I haven’t seen one thing coming down the pike since I read that some months ago. As I’ve said for years, talk is cheap, but actions speak.
I’ve been closely watching the interest rates these past several months, and not to my surprise they’ve gone from 2 7/8 to 3 3/8 which may not sound like much, but when calculating a 30 year mortgage for say $150K, it’s very noticeable. I’m sure this 5% inflation we’ve had since the first of the year is now affecting the margin of profit for our lending institutions.
Most of my afternoon was spent outdoors which was a welcome relief from this past week’s real estate sales issues. Without question, I would fully recommend all those who spend their working hours indoors, to get themselves out into the great outdoors and find some physical activities to get their bodies and minds back in tune.
While out watching all the corn and bean fields being harvested, I recalled an article I recently read which talked about a given society’s dependence on certain crops that’ve been modified by genetic engineering and natural selection to the point where if there’d be a previous unknown disease arrive that’d wipe out millions of acres in one season, we’d all be in a whole lot of hurt. The author of that article insisted that all farmers big and small, must begin looking at diversifying and rotating their crops, just so we won’t be caught with our pants down if there would be major corn or bean crop failures. I’m sure most of you know that CSR, or “corn suitability rating” is how the value of farmland is determined. Wow. Isn’t that a bit strange to use the suitability of one plant to establish the value of an acre? Believe it or not, back when the “whites” began settling in North Iowa, there was a greater value placed on low-lying land with trees and naturally flowing water, instead of higher prairie land. My how times have changed.
I’m supposed to be getting a price reduction on 207 N. Hampshire this weekend, and when it does arrive, I’ll be posting it online, as well as mentioning in our MLS that there’s been a verbal “blessing” from our City regarding the ability to build a single car garage on that property. There’s no question in my mind that if a garage were to be built on that site, the value of that home would be far higher than the hard costs of having one built. Because I like that quiet cul-de-sac so much, that home would be my first choice if I were in the market to purchase a home. As the old Realtors used to say, “The three most important things to consider when buying a home is location, location, location.” For the most part, those words hold much truth.
I ran into woman today whom I’ve not seen in years, and since we used to have our nice little chats from time to time, I made sure to ask how life has been with her since her marriage and subsequent three children, and all three of them being boys. She made me laugh when stating, “I think God cursed me by giving me only boys.” I couldn’t help asking why, and her reply was, “They’re eating us out of house and home.” Of course I couldn’t help suggesting she and husband look at buying in bulk, cooking more from scratch, and above all, planting a garden which would supply them with canned and frozen veggies. I was happy to hear they did have a small tomato garden this year, so perhaps they’ll take my advice and plant a bigger one with various vegetables for their table. Now that inflation has hit, it only makes sense for all consumers.
Tonight’s One-liner is: Never forget the three powerful resources you always have available to you: love, prayer and forgiveness.