Price Decline

It looks as if the five-year boom in housing is about over in some places around the country. There aren't as many buyers in those areas in which homes went up so high.

Robert Dye, analyst with Economy.com, said areas where housing soared the most are the ones most likely to see outright price drops in the months ahead. Among the areas where he sees a "risk of correction" are the Washington area, California, Florida and Arizona. (Washington Times, July 28th)

Here in East Texas we also have experienced a "leveling off" of prices; and the mid-to-upper priced homes have about doubled in availability. Owners are going to have to get realistic in pricing their homes if they want to move.

Eminent Domain - Again

The power of eminent domain can be intimidating and overwhelming to the typical property owner. The government comes in with their full power saying we will take your property and this is what we will offer. And you have to take it. If not, we have the right to have people with guns to force you to accept the deal. The Mafia is more subtle than this.

So new laws like the ones signed in Missouri this week empower the landowner. And you know the laws are effective. When city planners and government officials scream and cry about how it will be disastrous for the community, things are moving in the right direction. Because these government functionaries are losing power to create deals and opportunities to help their developer friends and benefactors. And they lose power. And that is a very, very good thing.

Take heart; things are moving in the right direction.

DANGER

When writing about "for sale by owner" properties, we almost always forget about the dangerous world we live in. We routinely speak of the difficulty one experiences in selling his own property; and we never forget about the high percentage of litigious situations people get themselves into when attempting the sale of real estate.

But we seem to forget about the danger in allowing parties unfettered access to one's home! Not only are there countless charlatans out there; but SO many people are now out on the streets who have been in mental institutions in the past. And so many MORE who are obsessed with drugs and alcohol. And even more who are sex offenders!

So, just how stupid is the guy who puts his property on the market by himself, then goes to work and lets his wife show the property to whoever shows up at the door!!! Does this make any sense?

E-Signatures

It's been a while since I last posted, but it has been a very busy time.

Just wanted to inform concerning this issue. As the world embraces paperless mortgage transactions, real estate, settlement services and mortgage origination companies face the decision of utilizing e-signatures versus the traditional "pen and paper" signature. It's a bit scary, but what a blessing! Transactions can be completed by fax or now by e-mail. And money is easily E-transferred from one institution to another for closings, etc. So complete transactions may take place without anybody ever visiting a realty office or a title company or an attorney's office! The time saved is enormous.