Rate Watch - Chris Jones Group
Now seems like the best time ever to become a home owner! Rates are looking better and better for anyone in the market to buy right now. If that’s you, please give The Jimmy Rex Team a call! The Chris Jones Group gives the following insight into how this window of greats rates is fluctuating.
End of the quarter brings us huge news, not all of it good for us in mortgages. The Director of HUD will resign (I would, too) shortly, and that’s supposed to be harmful to the Adminstration’s ability to fight the housing “crisis”. At 10am Treasury Secretary Paulson will unveil a plan to essentially take over Wall Street, and that will be REALLY bad.
Foreign markets are declining, but there are also declines in commodity prices, so the basic order of the day is uncertainty and insome places naked panic.
Panic is good for bonds. What’s good for bonds is good for mortgage rates. This is a red alert day and we’ll see 30-year rates threatening 5.5%. We’ll be on fire here at the Group, calling everyone at this price target, so you might want to call us first - 787-2162 and 310-3407 - but your best bet is either to text me or to reply to this email.
And as always, if you know someone that could benefit from this information, send ‘em along.
Chris Jones
Jimmy Rex was the Keller Williams Regional Rookie of the Year in 2006 and sold more than 100 homes.
5 Responses to “Rate Watch - Chris Jones Group”
By Adam on Apr 15, 2008 | Reply
Chris,
you forgot to mention that Utah housing values are starting to crumble just like the rest of the nation. Therefore it is a horrible time to become a home owner. You know this and you are lying through your teeth trying to sucker someone into overpaying 25% for a home right now. How do you sleep at night. Anyone in the market with a brain, is sitting on the sidelines watching you realtors, mortgage brokers, investors, and builders squirm. Give your readers some credit, your opening line is the most idiotic statement I’ve seen by a realtor this year, and I there have been a lot.
By Chris Francis on Apr 15, 2008 | Reply
I appreciated your comment on our website. I certainly don’t agree with you, and the tone you project is disappointing. We don’t try to sucker anyone. That is one of the biggest reasons why we aren’t hyping that it is a great time to be selling a home right now! I’m not sure how familiar with the real estate market you are, but one basic thing you fail to understand is the ability of a top agent to negotiate on behalf of his/ her client. We currently have several buyers under contract that we were able to help negotiate a purchase price anywhere from 10% - 15% lower than the asking/ appraised price of the home. Add that to the fact that interest rates are at historical lows and that Utah’s own market is still fair compared to the rest of the nation and you get a very good time to be a buyer. I’m not sure where you are from or what type of business background you have, but this is THE time to make a great buy. Even without the increasing foreclosures that are available for pennies on the dollar, the market is naturally readjusting itself to the advantage of anyone that can buy. When the market rebounds and it becomes a seller’s market again, interest rates will most likely be in the low 7% range… I’m sorry you feel the way you do, but talk to anyone with investment experience and they’ll tell you, “When there is blood in the streets, buy.”
By Adam on Apr 21, 2008 | Reply
Chris,
the blood has not even begun to hit the streets in Utah, and anyone with investment experience is not buying in Utah right now.
You are right, it is a GREAT time to be a buyer, but it is not a great time to buy. Utah housing market is crashing as we speak, so anyone who buys right now will be upside down by fall.
As for the market rebounding and interest rates going up, maybe in 2010, but probably later than that.
Why don’t you retract this article and repost it next March after the entire market has dropped 20% and you can still negotiate another 15%.
Don’t trust Realtors, do your own research.
By Chris Francis on May 1, 2008 | Reply
While doing your own research, check out a story that aired on Channel 2 News. This story explains that now is a great time to have a rental property. There are many reasons for this, one of which is that many people who don’t qualify for loans need places to stay. Regardless of what you think, the truth is, the market isn’t that bad and it won’t get much worse. This is why we are real estate professionals and you’re the kind of guy that bought in a seller’s market and now have a 3,500 square foot spec home in Lehi.
By Adam on May 2, 2008 | Reply
Close Chris,
I am renting a 4,000 square foot house from an investor from California for $1250 per month(he couldn’t sell it a year ago). I’m sure you met a lot of those over the last two years since they bought 50% of the houses. I am one of the few that could actually buy a home, but just like everyone else, I am going to wait until the market finishes crashing before I even think about it(and I will not need a Realtor).
Taking a four week course to get a Real Estate license does not make you a Professional. You jokers have made way more money than you deserve the last few years, but it’s over, I hope you saved some. If you were Professionals, you wouldn’t see owner agent signs on most of those homes in Lehi or Eagle Mountain or South Jordan or Draper or Herriman or anywhere else in Utah or the Country for that matter.
It is a good thing this is a blog, because I don’t think you could look anyone in the eye and feed them this crap. Then again, Realtors are getting more and more desperate by the minute.
It is a great time to have a rental property if you bought it three years ago. It is a terrible time to buy an investment property, but you know that, you and all your buddy’s aren’t buying anything right now.