It was a pleasant morning until the sun was beating down overhead, and thank goodness we had enough of a breeze to keep the humidity levels down. When looking at the extended forecast, I’m afraid tomorrow is going to be another hot one, so let’s hope the breezes continue. Someone mentioned that somewhere out in Illinois, they recently had golf ball size hail that did a hellacious amount of damage. I’m glad we’ve been lucky enough so far with regards to the hail, but of course we had to endure those bouts of straight-line high winds.
My morning was spent working on trying to get all the docs together on several closings that are supposed to be taking place this coming week. There are two files that are making me extremely nervous, which prompted me to make several calls to the offices creating the bottlenecks. With this massive “feeding frenzy” of buyers in our market, every day there’s a closed sale posted, I can’t help wondering what it is that’s prompting people to be paying so much for some of these houses. Without a doubt, if we hit a bump in the road with our economy, there’s going to be millions of people upside-down with their mortgages, and we all know there’ll be another even bigger and longer lasting repeat of the 2008 mortgage crisis.
Another possible scenario, will be a hyper-inflation created which will devalue our dollar to a point where we may be paying great amounts of money for our life-sustaining basics. Back after WWI, the German Mark was so devalued that it would take a wheelbarrow full of money to pay for a loaf of bread. We still don’t know if this new vaccine is going to knock out all the different strains that’ve evolved from the China-virus, or even if it’ll pass its clinical trials with flying colors. Please don’t consider me a negative person because I’m not, but rather a died-in-the-wool realist.
I’m just a little bit more than a little upset with our mortgage bankers who’re encouraging buyers who barely can come up with 3% downpayment and working jobs with not real up-side in higher wages, and do no forward-thinking about future out of pocket expenses their customers will have with things that need replacing like hot water heaters, furnaces, roofs, and appliances.
Many of this year’s buyers are first-timers who’ve been renting homes or apartments where if something breaks down or needs fixing, they call their landlords and those problem items either get fixed or replaced. Can you imagine the look on their faces when they get an estimate to replace just a hot water heater in their new homes?
Now there are those who purchased perhaps ten years ago or more who now have equity built up in their homes where they’re able to take out second mortgages to pay for much-needed updates, but you’ll not see that happen if they’ve only owned it for two or three years and only put 3% – 5% down when they purchased. Out of luck, and likely ready to go out of their minds.
I’m of the belief that every institution who’s lending to all first-time buyers who’re putting down less that 20%, must show proof that the buyers have gone thru a 90 day intensive training regarding the purchasing of a home, along with the maintenance of it because I’ve seen some very scary things buyers have so ignorantly done to their new homes, and only because they didn’t know any better.
I’ve seen fiberglass bathtubs ruined by the wrong types of cleaners, enamel stripped from kitchen sinks, load-bearing walls removed, attics with five gallon buckets catching water, cobbled “Red Green Show” wiring that should’ve burned their houses down, bashed-in doors from temper tantrums, basement support pillars removed so their pool tables would fit, and the list of pure ignorance goes on.
Don’t even get me started on how bad new homeowners are about keeping their yards up and their homes clean. Most never wash their windows or get down on their hands and knees and scrub floors. They leave volunteer trees growing in their foundations, and haven’t the slightest concern about the over-all health issues being caused by living in such filth. I’m now even wondering about all these people who’re obsessed about going to the gym on a daily basis, because if they’re so focused on getting their bodies in shape, when do they have time to take care of the their home’s “body”? Oh, that’s right, they take care of themselves. Not! Yes, I’m convinced there must be a real certificate of education provided before being allowed to buy a residence. I’ve heard that it’s much more difficult to get a home loan in Canada, and likely due to more strict standards.
My afternoon was spent getting some things done before the weekend arrived, and managed to get myself a good work-out while out in the sun. By the time I finished, I was soaking wet from head to toe. You can be sure I had enough bottled water with me because of how profusely I was sweating. I did stop and check on my tomatoes and peppers, and discovered those peppers are now creating blossoms. Yeah!
I was notified today that there are some wheels being set into motion regarding the Marshall and Swift building being turned into a year-round indoor farmer’s market. Now if that happens, I’ll not be so critical of all the past money-losing projects our City got itself financially plugged into, which is why our water rates are going up again. We’ll see what happens, and I’ll be sure to keep you all posted on any developments.
Wish me luck on my public open house tomorrow afternoon over at 115 S. Connecticut. That home is still waiting for its right “fit” buyers because of it’s long and noble history.
Tonight’s one-liner is: Hatred is an inveterate anger.