November 10, 2008

Real Estate, Lance Armstrong & Disney World

This week I have been in attendance at the National Association of Realtors Convention in Orlando, Florida. The training and presentations have been awesome and inspriing. Orlando is also the home of Disney World and Epcot. So what then do Lance Armstrong and Disney World have in common with real estate?

On Saturday, Lance Armstrong, the famous winner of seven straight Tour de France titles and well known for his cancer foundation, LIVESTRONG, spoke to a packed house. He recanted the story of his discovery of cancer and the devastation of his life’s dreams. At first, he was more concerned with not being able to ride again but soon found out that he was in for the battle for his life. His story was fascinating and motivational to me. His last comments to us outlined a conversation with his doctor as he was leaving the hospital. The doctor told him that he could be reserved and quiet about his cancer ordeal…or he could be vocal and open about the experience so that others could benefit from his experience. It was then he decided that he wanted to help others face this illness. At first he thought that would be on a one-on-one basis as he talked with individuals privately. When Nike offered a contribution of “yellow wrist bands” to sell to help fund his foundation, he wasn’t sure if that idea would even work. The rest is now history and this wonderful, talented rider now has raised awareness of cancer all over the world.

Later in the evening after training, meetings, and activities were over, my wife, Kathy, and I headed for Disney World for the last few hours of the day. Arriving late, we had a quick bite to eat, rode several rides, watched the light parade, and then waited for the fireworks show at the end of the day. As I watched the fireworks explode overhead, pondering the thoughts of real estate classes during the day, I couldn’t help but reflect on some of the clients we had recently helped find homes. After taking our buyer friends to many homes, then watching their faces as they walked into the home that lights up their faces like exploding fireworks in the sky I came to appreciate the wonderful opportunity I have to be a Realtor®, a citizen in this great country, with opportunities to be motivated and inspired by great men such as Lance Armstrong.

To tie together these thoughts, now is a tough time for many industries in the company, real estate being one of them. Like Lance Armstrong we can face them, endure the treatments, and overcome the obstacles to create even a better place and a better person. There is nothing to fear in the future that we can’t overcome. Like the fireworks at Disney World, the joy of working in real estate is in the eyes of the buyer when they find that perfect home for them. It is such a joy to help first time buyers finally get into a home. Their excitement illuminates the room just like Disney’s fireworks illuminated the sky. Most of us in real estate love what we do, try to practice our trade to the best of our abilities by representing our clients best interests fairly. It is nice to know that as Americans, we will get through these hard times and the skies will be aglow with light again with success and prosperity.

In this type of economy, the change will start with buyers. Everywhere I read it states that now is a great time to buy a home with affordable homes everywhere and low interest rates to make purchasing a home possible. With the government focusing on this market segment we are sure to see improvement. When buying a home one of the very first things a new buyer must do is qualify for a loan. One of the most popular loans, because it requires a smaller downpayment, is the government backed FHA or VA loan. It requires 3% in cash supplied by the buyer and interest rates are still relatively low. The loan amount for a $200,000 home in Layton, with 3% down would require a monthly payment of $1,163.12 per month on a 30-year fixed loan, plus taxes and insurance.

I thought you might want to see where limits and rates were last Friday: Now is a great time to buy a home.

FHA Purchase Price Limits
Supplied by Greg Schaefermeyer-Republic Mortgage