Wes Black, Real Estate Pro in Louisville, KY

WHAT EVENTS WOULD HAVE TO HAPPEN IN THE UNITED STATES TO ENERGIZE THE HOUSING MARKET IN 2011?

Asked by Wes Black, Louisville, KY Sun Jan 23, 2011

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John Walin’s answer
Jobs and more importantly wages need to rise by getting industry back in this country. The last housing incentive worked great and it goes to show that 80% of people are fine or treading water, 20% are struggling, either unemployed or underemployed. Fact is the rich are doing just fine. Carl, I agree that there is no sense of sacrifice in the country and we gotta get away from this rugged individualism model that is falsely being held up as patriotic. enough said.
0 votes Thank Flag Link Tue Jan 25, 2011
Bring back some form of "Low Doc" financing for the self employed borrower with good credit and large down payment!

Good Luck!

Gerry Dunn
Associate Broker
Serving Maryland, D.C. and Northern Virginia
703-216-9100
0 votes Thank Flag Link Tue Jan 25, 2011
Stop the bickering and hate-mongering from the radio heads every day and night. You would think we are in the midst of a revolution instead of happy Americans dealing with a world wide recession -depression. I know we have a lot of guns like a revolution but we are allowed so we can deal with it. We usually behave with compromising discourse while holding different views on many things. Not anymore it seems. We ridicule our leaders, we snipe at public figures, we speak against government of all types, we resent having to pay taxes at every turn. We have no sense of sacrifice even though we are in a war for 10 years. When we show some sign of cooperation with our leaders trying to get things on track, a surge in confidence will take over and cash heavy employers will begin hiring and consumer spending will drive most markets. For sure.
0 votes Thank Flag Link Tue Jan 25, 2011
It all comes down to jobs. Jobs have been the overlooked fix to all of this. The loan modification programs are a good idea, but they are apparently much to difficult. When homebuyers know they will wake up in the morning and their jobs will still be there, that's when housing will be energized. As good as the tax credit was, the problem was not going to be fixed from the top and buying a home is at the top of the cycle for most individuals. It starts from the bottom and that means jobs.
0 votes Thank Flag Link Mon Jan 24, 2011
More employment opportunites, and a greater willingness and more efficient process by banks to do loan modifiactions, slowing down the rate of foreclosure thus reducing the abundance of home inventory currently on the market.
0 votes Thank Flag Link Mon Jan 24, 2011
Better attitudes from the media and it's surroundings would be an excellent start. We, as agents, still have to get out there and GET IT DONE.....that's why being as positive as I can be EVERY day helps a great deal.
0 votes Thank Flag Link Mon Jan 24, 2011
We need better attitudes towards the economy. This can only happen when more people get jobs, and the people with jobs make more money. It's that simple.

I disagree that tax incentives will "energize" the market. If mortgage rates below 4.0 can't energize the market, then there are not many incentives that will. There still are tax incentives to buy new homes and that market is still nearly dead.

I also think that brainless mortgage underwriters have also been keeping people from getting top dollar for their homes. The pendelum has swung too far the other way and now they don't want to approve many good loans--especially in rural areas.
0 votes Thank Flag Link Mon Jan 24, 2011
Jobs! Jobs! Jobs! Buyers are ready to buy, they know that prices and interest rates have never been lower, but there is still a lot of fear out there that the economic recovery is lagging and that even more jobs may be lost. I am working with buyers right now who are afraid to spend enough, even though they qualify for the loan, to get the home they want because the wife hates her boss and her job but feels certain she cannot find another one. Forget over extending themselves, they want to make sure are covered financially should the worst case scenario occur.

The only thing that is needed is jobs, new jobs, better paying jobs, and job security for those who HAVE jobs!
0 votes Thank Flag Link Mon Jan 24, 2011
Wes - I am seeing the market pick up in this area. Of course we have companies hiring and I am still working with first time home buyers. We are having to be more creative and it is tougher to get a loan than in years past. As soon as confidence and security are in place I feel sure more areas will see an increase in home buying .
0 votes Thank Flag Link Sun Jan 23, 2011
Bring back a homebuyer tax credit incentive.
0 votes Thank Flag Link Sun Jan 23, 2011
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