Real Estate Markets
1. How would you handle the following objections of the seller to an offer?
– “That’s $20,000 less than I paid.”
– “Last year the house across the street from me sold for $10,000 more than this offer, and my house is nicer than their house.”
– “If I have to cut my price, then you have to cut your commission or I won’t accept the offer.”
– “We would like to think it over.”
– “The house is paid for. We can wait until we receive our price.”
2. Article Topic: “The Impact of Rising Interest Rates on Residential Real Estate Markets”
Why This Article Is Important:
This article would explore how recent increases in interest rates by central banks are affecting residential real estate markets globally. As interest rates rise, the cost of obtaining mortgages increases, which can lead to a cooling of overheated markets or exacerbate slowdowns in others. This article would analyze how different regions are responding to these changes, including shifts in buyer behavior, changes in home prices, and how real estate professionals are adapting their strategies in response.
Such an article is important because it addresses the direct connection between macroeconomic policies and real estate markets. It provides practical insights for future real estate professionals into how external economic factors influence property values and market dynamics. Understanding these relationships can help practitioners better advise clients, whether they are buyers, sellers, or investors, and adapt to changing economic environments more effectively. This is crucial for making informed decisions and forecasting future market trends effectively.
3. Discuss pre-qualification practices of lenders.
4. Using a front-end (top) ratio of 33% and a back-end (bottom) ratio of 38%, qualify a buyer earning $100,000 per year for a 30-year loan of $400,000 with an 8% interest rate. Assume taxes at $5,000 per year and insurance at $1,000 per year. Assume the buyer is making payments on loans of $43,000, and the monthly payments are $2,080.
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