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October 2010 PFR Chairman's Report

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Marketplace Quiz - October 2010 Chairman's Report

Marketplace Quiz - October 2010 Chairman's Report

(c) Prudential Fox and Roach, REALTORS®

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    October 2010 PFR Chairman's Report October 2010 PFR Chairman's Report Document Transcript

    • The Chairman’s Report A Message from Lawrence F. Flick, IV, Chairman and Chief Executive Officer Prudential Fox & Roach, Realtors® OCTOBER 2010 HERE’S A QUIZ... economy begins to improve. We would normally think of 5.5% as a terrific rate but at the current rate of 4.25% is TRUE OR FALSE: outstanding. A buyer borrowing $250,000 over 30 years 1. Home prices have come down over 50%. will save $2,700 each year over the life of the loan. That’s a 2. Over 6% of households are in foreclosure. total savings of $68,000! You can be sure that The Trident 3. The suspension of foreclosures by major financial institutions Group will follow through on the promises they make to will delay recovery of the real estate market. your clients. The answer for each is - IT DEPENDS. 3. Quality of Life In Las Vegas, Nevada prices have come down an average of · It’s not unusual to hear conversations about the rent versus 58%. In the Prudential Fox & Roach market area, prices have buy scenario. There are some advantages to renting but in declined an average of 7% from the peak of the market until reality, the Philadelphia area has never been a rental now—a very moderate number. market. The best communities are made up of owners who In addition to having the distinction of experiencing the care about their properties. Owning a home is one of the greatest price declines, Las Vegas also has the highest foreclosure best ways to take control of our future. rate at 6.6%. Less than ½ of 1% of households in our market · Houses are more affordable than they have been in years. area are in the foreclosure process—one of the lowest rates in Stable prices and incredibly low interest rates allow buyers the country. Because foreclosures make up such a small to purchase more for their money so they can enjoy living percentage of households in our market, if some were in a house that better meets their lifestyle needs. suspended the impact would be insignificant. 4. Long-term Investment · Owning a home has been the best long-term investment in As Prudential Fox & Roach sales associates, you understand that our area, far outperforming the stock market. In the past real estate markets are local, that our prices haven’t taken a ten years, the value of Philadelphia area housing rose an nosedive, and that our market isn’t flooded with foreclosures. But average of 91%, while the S&P 500 lost 22.5%. your clients may think differently. They have been inundated with a continuous stream of negative news from the press because Right now, many people are carefully considering whether or extremes, whether booms or busts, get attention. Five years ago, not to buy a home. Lack of confidence in the economy and the good news about the real estate market was exaggerated. Now the job market are holding them back. But there is only so long to statistics from the worst market in the country are generalized as if wait before this opportunity ends. If life circumstances dictate a they were occurring everywhere. That’s why it’s so important for move, it’s best to act now. I can’t imagine that conditions will you to help your clients separate fact from fiction. improve for potential home buyers in this area! In five or seven years, many of your clients will look back and either be glad HERE’S ANOTHER QUIZ: that they bought a home or be sorry they didn’t. It’s up to you TRUE OR FALSE: to provide them with the expertise and knowledge to make the Now is the best home buying opportunity of a lifetime. right choice now, or else they will look back and say, “I should The answer for our marketplace is TRUE! have.” After all, the true value of what you do goes beyond showing houses or writing contracts. It is in helping people Here's why: make their dreams come true. 1.The Market · We have clearly seen the bottom of the market. Unit sales have dropped after the April 30, 2010 expiration of the home buyer tax credit, but annual sales have been stable Best, for three years. Larry · Prices have been stable this past year. · There is a great selection of homes and sellers have become more realistic. 2. Interest Rates · Interest rates are at generational lows. It is hard to believe they will go much lower, and they will definitely rise as the An Independently Owned and Operated Member of the Prudential Real Estate Affiliates, Inc.