You think I’m crazy, don’t you. You may think it’s not a good time to do anything, but I’ve been talking to builders lately and they make a strong case for why it’s never been a better time to build. Cornerstone Homes owner KC Jones says, “Material costs are down. Labor is very accessible and costs are down. And land prices are also considerably lower.” Sounds good to me, so let’s take a closer look at each of his claims.
Material costs are down. Jones says last year at this time a typical window package he would order for one of his high-end homes set him back about $180,000. Today, that same window package costs Jones and his buyers $120,000. Wood is another example. Contractors like Jones are buying beetle-kill pine lumber. If you live in Colorado you know that pine beetles are killing the trees. That’s not good for the trees, but it is good for the consumer since these dead trees are being turned into cheap lumber, like 30 cents on the dollar. The practice is also environmentally friendly as it puts the wood to good use instead of simply letting it lay there and decay.
Labor is more accessible and costs less. No doubt here. Speak with trade contractors and they’ll tell you they need work. If you need a framing crew they can be on your job site tomorrow. No need to plan weeks or months in advance. Shawn Tieskotter, owner of Precision Flooring in Denver, says he’s seen labor cost for carpet installation drop between 5 and 25 percent.
Land prices are way down. The price of land has indeed taken a hit just like the rest of the housing market. Look around and you’ll find some tremendous deals on prime acreage.
In essence, all the conditions are right for the perfect home-building storm. Just think, your dream home can be built now for incredible savings. All markets present some type of opportunity, and this one is no different.
Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.CoDreamHouse.com.
Sunday, March 29, 2009
Virtual Tour of 53 Hour Open House in Denver
Today, I am announcing an idea that has never been done before in Denver. It’s called the 53-Hour Open House. For 53 hours, I will hold open an estate that I have listed at 8170 Sawgrass Drive in Heritage Estates in Lone Tree, Colorado. If you live in Denver, you can come by the house Friday April 3rd from Noon to 5pm, Saturday April 4th between 9:00 AM to 5:00 PM, and again Sunday April 5th from 9:00 AM to 5:00 PM. If you do not live in Denver, don’t worry because you can still watch the open house. I will broadcast the open house live on the internet for 53 hours straight. All you need to do is go to http://www.53houropenhouse.com and view various rooms of this 2.8 million dollar home, ask questions via live chat, and get a private tour online.
The home is 9700 finished square feet, has 5 bedrooms and 6 baths, a private pool, Jacuzzi, cabana, game room, Old English style pub bar, recreation room, 12-seat theater, fitness room, study, and has amazing views of the mountains and city. To see this home right now call 866-799-9899/Code 456 to receive instant property information, photos, and streaming video to your cell phone via a Text Message.
Please stop by and tour this magnificent home. While you are there, take a test drive in a new 2009 Mercedes Benz or check out the new line of Harley Davidson motorcycles and Master Craft ski boats.
EVERYONE WHO VISITS US WILL HAVE A CHANCE TO WIN $1000 IN CASH.
Plus, we have (6) seven other luxury homes on tour all day today and tomorrow. An event this big could only be made possible with our fine sponsors: Littleton Mercedes, ATBS Business Services, IpTv Boyz, Spotlight Home Tours, AccessU2's PropertybyPhone.com and Platt Park Mortgage.
Address: 8170 Sawgrass Dr, Lone Tree, CO 80124.
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The home is 9700 finished square feet, has 5 bedrooms and 6 baths, a private pool, Jacuzzi, cabana, game room, Old English style pub bar, recreation room, 12-seat theater, fitness room, study, and has amazing views of the mountains and city. To see this home right now call 866-799-9899/Code 456 to receive instant property information, photos, and streaming video to your cell phone via a Text Message.
Please stop by and tour this magnificent home. While you are there, take a test drive in a new 2009 Mercedes Benz or check out the new line of Harley Davidson motorcycles and Master Craft ski boats.
EVERYONE WHO VISITS US WILL HAVE A CHANCE TO WIN $1000 IN CASH.
Plus, we have (6) seven other luxury homes on tour all day today and tomorrow. An event this big could only be made possible with our fine sponsors: Littleton Mercedes, ATBS Business Services, IpTv Boyz, Spotlight Home Tours, AccessU2's PropertybyPhone.com and Platt Park Mortgage.
Address: 8170 Sawgrass Dr, Lone Tree, CO 80124.
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Saturday, March 28, 2009
Free test drive in the New 2009 Model Mercedes Benz
I am announcing "Free test drive in the New 2009 Model Mercedes Benz" on your participation at the "53-hour Open House" at 8170 Sawgrass Drive, which is a one of a kind property nestled on the Arnold Palmer designed Lone Tree Golf Club and boasts over 9700 finished square feet of luxury living. The 5 bedroom, 6 bathroom, 8 fireplace estate has something for everyone.
How about an Old English pub for entertaining your friends and family or the 12 seat theater and fitness room that looks out to the custom pool with Jacuzzi. We could go on and on but you really need to see it for yourself which is why we are holding a 53 hour open house.
If you live in Denver stop by between noon and 5pm on Friday April 3rd, or 9am -5pm on Saturday the 4th and Sunday the 5th.
There's a lot to do besides touring this magnificent home. Harley Davidson will be showing off their latest and hottest bikes. If you love the water than you’ll want to check out the new line of MasterCraft ski boats. Did I mention the food? It’s fully catered all weekend long with one of Denver’s finest Chefs Kevin Mooney. Have a meal on us, watch the Star Wars series in the 12 seat theater, shoot some pool in the pub or participate in the wine tasting.
And, All Visitors Will Have A Chance to Win $1000 in Cash.
If you do not live in Denver, don't worry because you can still watch the open house. I will broadcast the open house live on the internet for 53 hours straight.
All you need to do is go to http://www.53houropenhouse.com and check out for more details.
How about an Old English pub for entertaining your friends and family or the 12 seat theater and fitness room that looks out to the custom pool with Jacuzzi. We could go on and on but you really need to see it for yourself which is why we are holding a 53 hour open house.
If you live in Denver stop by between noon and 5pm on Friday April 3rd, or 9am -5pm on Saturday the 4th and Sunday the 5th.
There's a lot to do besides touring this magnificent home. Harley Davidson will be showing off their latest and hottest bikes. If you love the water than you’ll want to check out the new line of MasterCraft ski boats. Did I mention the food? It’s fully catered all weekend long with one of Denver’s finest Chefs Kevin Mooney. Have a meal on us, watch the Star Wars series in the 12 seat theater, shoot some pool in the pub or participate in the wine tasting.
And, All Visitors Will Have A Chance to Win $1000 in Cash.
If you do not live in Denver, don't worry because you can still watch the open house. I will broadcast the open house live on the internet for 53 hours straight.
All you need to do is go to http://www.53houropenhouse.com and check out for more details.
Wednesday, March 25, 2009
53-Hour Open House in Denver
Hey Everyone: Today, I am announcing an idea that's never been done before in Denver. It's called the 53-Hour Open House.
For 53 hours, I will hold open an estate that I have listed at 8170 Sawgrass Drive in Heritage Estates in Lone Tree, Colorado.
If you live in Denver, you can come by the house April 3rd from noon to 5pm, April 4th between 9:00 AM to 5:00 PM, and again April 5th from 9:00 AM to 5:00 PM.
If you do not live in Denver, don't worry because you can still watch the open house. I will broadcast the open house live on the internet for 53 hours straight.
All you need to do is go to http://www.53houropenhouse.com and view various rooms of this 2.8 million dollar home, ask questions via live chat, and get a private tour online.
There is also more information about how you could win a $1000 dollars in cash at 53houropenhouse.com
For 53 hours, I will hold open an estate that I have listed at 8170 Sawgrass Drive in Heritage Estates in Lone Tree, Colorado.
If you live in Denver, you can come by the house April 3rd from noon to 5pm, April 4th between 9:00 AM to 5:00 PM, and again April 5th from 9:00 AM to 5:00 PM.
If you do not live in Denver, don't worry because you can still watch the open house. I will broadcast the open house live on the internet for 53 hours straight.
All you need to do is go to http://www.53houropenhouse.com and view various rooms of this 2.8 million dollar home, ask questions via live chat, and get a private tour online.
There is also more information about how you could win a $1000 dollars in cash at 53houropenhouse.com
Monday, March 23, 2009
Buy Your Next House On Facebook. By Dan Polimino.
After reading this title you’re either saying, “No one is buying homes off Facebook,” or you’re thinking “What the heck is Facebook?” Don’t worry. I’ll explain both.
Facebook is a social networking Web site. What’s a social networking Web site? It’s sort of like making 40 phone calls to friends. If you called 40 people just to catch up, or to let them know how you are, that would take a while. What Facebook lets you do is type a few sentences on your own personal Web page regarding “what you are doing right now” or “what’s happening in your life.” With one click of the mouse you send that note out to 40 friends. It’s called networking in the year 2009.
There are many sites like Facebook including My Space, Twitter, Plurk, Live Journal, Bebo and on and on. You can share photos, videos, notes, e-mails, blogs, invitations and yes, even homes for sale. I put every one of my listings on 34 social networking sites. Why? Because I can reach thousands of people with one mouse click.
Social networking is here to stay. In fact, Dirk Freeman, owner of Steeleboy Productions and Web 2.0 guru, says e-mail will soon be a thing of the past. Freeman says, “If you speak with high school and college students, they’ll tell you they e-mail very little. Instead, they communicate their entire life in 140 characters or less, and they do that through social networking.”
I can hear it: “But Dan, high school students don’t buy homes.” Maybe not, but their parents do. And I know plenty of parents that have started a Twitter account and a Facebook page just so they can communicate with their kids.
The same can be said for blogging (which means writing a personal Web log). Blogging about homes for sale, posting pictures and blogs of homes for sale and then virally spreading them over the Internet is the fastest and easiest way to expose your home to people all over this country, actually even the world. If you’re trying to sell your home, social networking, blogging and video blogging all should be in your marketing tool box.
Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.CoDreamHouse.com.
Facebook is a social networking Web site. What’s a social networking Web site? It’s sort of like making 40 phone calls to friends. If you called 40 people just to catch up, or to let them know how you are, that would take a while. What Facebook lets you do is type a few sentences on your own personal Web page regarding “what you are doing right now” or “what’s happening in your life.” With one click of the mouse you send that note out to 40 friends. It’s called networking in the year 2009.
There are many sites like Facebook including My Space, Twitter, Plurk, Live Journal, Bebo and on and on. You can share photos, videos, notes, e-mails, blogs, invitations and yes, even homes for sale. I put every one of my listings on 34 social networking sites. Why? Because I can reach thousands of people with one mouse click.
Social networking is here to stay. In fact, Dirk Freeman, owner of Steeleboy Productions and Web 2.0 guru, says e-mail will soon be a thing of the past. Freeman says, “If you speak with high school and college students, they’ll tell you they e-mail very little. Instead, they communicate their entire life in 140 characters or less, and they do that through social networking.”
I can hear it: “But Dan, high school students don’t buy homes.” Maybe not, but their parents do. And I know plenty of parents that have started a Twitter account and a Facebook page just so they can communicate with their kids.
The same can be said for blogging (which means writing a personal Web log). Blogging about homes for sale, posting pictures and blogs of homes for sale and then virally spreading them over the Internet is the fastest and easiest way to expose your home to people all over this country, actually even the world. If you’re trying to sell your home, social networking, blogging and video blogging all should be in your marketing tool box.
Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.CoDreamHouse.com.
Sunday, March 22, 2009
Living the Colorado Dream
Built in 1983 the 9000 square foot Spanish style Villa was built for the Maytag family. They were so concerned with building the highest quality home that they commissioned Gerald H Phipps commercial contractors to build their Colorado getaway. At the time the family spared no expense and gave architects a free hand in designing an authentic turn of the century Spanish villa. By the end, the project cost 2.5 million in construction which was an incredible amount of money in 1983.The current owners purchased the property from the Maytag’s 10 years ago and since then have refined the property to make it the epitome of elegance and design you see today.
The Villa sits on 227 pristine acres. The land has a little of bit of everything with forested hills, open meadows, and gorgeous rock outcroppings. There are extensive views of majestic snow capped peaks, peaceful valleys and the near town of Castle Rock. It’s perfect for a private barn, equestrian center, corrals or just incredible hiking and sightseeing.
The Villa sits on 227 pristine acres. The land has a little of bit of everything with forested hills, open meadows, and gorgeous rock outcroppings. There are extensive views of majestic snow capped peaks, peaceful valleys and the near town of Castle Rock. It’s perfect for a private barn, equestrian center, corrals or just incredible hiking and sightseeing.
Monday, March 16, 2009
Sunday, March 15, 2009
Amazing value in Observatory Park
This incredible custom home combines the charm of Observatory Park with luxury living. This 5 bedroom, 7 bathroom home with a fully finished basement boasts almost 5400 finished square feet.
The home has been designed with impeccable detail and attention to the finest materials. Finishes include Brazilian Cherry wood floors, Cherry Cabinets, Cherry plantation shutters, hand trowel walls and extensive use of clear Alder for the doors and paneling. Call Dan Polimino at 303-522-1161 or Gary Lohrman at 303-829-5900 for a showing.
The home has been designed with impeccable detail and attention to the finest materials. Finishes include Brazilian Cherry wood floors, Cherry Cabinets, Cherry plantation shutters, hand trowel walls and extensive use of clear Alder for the doors and paneling. Call Dan Polimino at 303-522-1161 or Gary Lohrman at 303-829-5900 for a showing.
Inside Washington, Part 2. By Dan Polimino.
This week I’m wrapping up a two-part interview I did with Brian Chappelle, a partner with Potomac Partners in Washington, D.C. They’re a consulting group to the mortgage industry and are closely tied in with lawmakers on this recovery package. To catch the first part of this interview, hop on CoDreamHouse.com and click on news.
Today we cover a topic that’s on everyone’s minds – interest rates. Are they going lower? Chappelle thinks not. It’s complicated, but in a nutshell here’s the deal. Chappelle says the Feds are limited on how much they can do to lower rates. They can drive down the 10-year Treasury note and they can buy securities from Fannie and Freddie to guarantee loans, but the problem is the price of money is driven by more factors than the few the government can influence.
Talk with local mortgage experts and they’ll tell you a problem is a limited capacity. Right now the private sector doesn’t have the ability to warehouse and hold loans. Secondly, given the response on Wall Street, private industry doesn’t believe the Obama plan will work. Couple that with a dozen other issues and the private sector is not likely to go along with more interest rate reductions. The opportunity has been there several times over the last month and a half to drop rates into the low 4s, but what we’re seeing instead is a push back from investors.
On a different note, I asked Brian about the rumors I’ve heard that Washington wants to regulate every inch of the home-buying process. He says it’s true, and if lawmakers can get past the initial crisis watch out because government regulation is coming to realtors, mortgage lenders, appraisers, credit rating agencies, secondary loan warehousing, investors and on and on. If they have it their way, Washington will be your partner in the real estate business. Unfortunately, there’s not enough space in this column to debate all the pro’s and con’s of that news, but it always worries me when the pendulum swings too far in one direction.
Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.CoDreamHouse.com.
Today we cover a topic that’s on everyone’s minds – interest rates. Are they going lower? Chappelle thinks not. It’s complicated, but in a nutshell here’s the deal. Chappelle says the Feds are limited on how much they can do to lower rates. They can drive down the 10-year Treasury note and they can buy securities from Fannie and Freddie to guarantee loans, but the problem is the price of money is driven by more factors than the few the government can influence.
Talk with local mortgage experts and they’ll tell you a problem is a limited capacity. Right now the private sector doesn’t have the ability to warehouse and hold loans. Secondly, given the response on Wall Street, private industry doesn’t believe the Obama plan will work. Couple that with a dozen other issues and the private sector is not likely to go along with more interest rate reductions. The opportunity has been there several times over the last month and a half to drop rates into the low 4s, but what we’re seeing instead is a push back from investors.
On a different note, I asked Brian about the rumors I’ve heard that Washington wants to regulate every inch of the home-buying process. He says it’s true, and if lawmakers can get past the initial crisis watch out because government regulation is coming to realtors, mortgage lenders, appraisers, credit rating agencies, secondary loan warehousing, investors and on and on. If they have it their way, Washington will be your partner in the real estate business. Unfortunately, there’s not enough space in this column to debate all the pro’s and con’s of that news, but it always worries me when the pendulum swings too far in one direction.
Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.CoDreamHouse.com.
Thursday, March 12, 2009
Wednesday, March 11, 2009
Tuesday, March 10, 2009
Fantastic Reduced Price Duplex in University Park
Outstanding du-plex style living close to DU, shopping, public transportation and Cherry Creek & Downtown Denver. You can't help but notice the quality of workmanship and upgraded features that combine to this home not only a fantastic place to call home but a tremendous value at today's asking price.
This 3200 + sq .ft. 4 bedroom, 4 bath + private study home is "Built Green" with 2"X 6" exterior walls allowing for optimal insulation, Low E Glass for thermal efficiency and quietness, Rennai tank less water heater for continuous hot water at the lowest consumer cost, a 92% efficient furnace and more all to promote comfort and efficiency to your everyday lifestyle. Call Dan Polimino at 303-522-1161 or Gary Lohrman at 303-829-5900 for a showing.
This 3200 + sq .ft. 4 bedroom, 4 bath + private study home is "Built Green" with 2"X 6" exterior walls allowing for optimal insulation, Low E Glass for thermal efficiency and quietness, Rennai tank less water heater for continuous hot water at the lowest consumer cost, a 92% efficient furnace and more all to promote comfort and efficiency to your everyday lifestyle. Call Dan Polimino at 303-522-1161 or Gary Lohrman at 303-829-5900 for a showing.
Inside Washington, Part 1. By Dan Polimino.
Recently I had a chance to speak with Brian Chappelle from his office in Washington, D.C. Brian is a partner in the company Potomac Partners, LLC, a consulting group to the mortgage industry that works closely with lawmakers in Washington. To say Brian has his finger firmly on the pulse of what’s happening with the recovery plan is an understatement. He’s knee deep in it. This week and next week I’m giving you a down and dirty replay of our conversation. It’ll be tough to do it justice, though, as Chappelle has enough inside information to fill this column for several months.
First topic up: The goals of the current administration. Chappelle stated these goals are clear. There are basically two strategies. First, increase demand for housing with the stimulus package. Secondly, slow down or stem the tide of foreclosures. Both strategies are more easily explained than executed. I asked Brian if he thought the White House and lawmakers were on the right track with these plans and he stopped short of agreeing, but rather said he was “optimistic.”
I, on the other hand, think the stimulus package may help the economy in the short term, meaning this year, but alone will fall far short of long-term recovery. Why? Because foreclosures have the ability to nullify the entire stimulus effect, a point Chappelle and I both agree on. Reducing foreclosures is a necessity.
We can and we will debate the best way to cut foreclosures. You may think the White House is crazy with the plan to help people renegotiate their loans, but let me just say this: Something has to be done. From economist estimates, we’re facing four to eight million more foreclosures in the next four to six years. If those estimates come true, all our homes will be at risk of losing significantly more value across all market price points.
Be here next week when we’ll discuss interest rates and government intervention.
Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.CoDreamHouse.com.
First topic up: The goals of the current administration. Chappelle stated these goals are clear. There are basically two strategies. First, increase demand for housing with the stimulus package. Secondly, slow down or stem the tide of foreclosures. Both strategies are more easily explained than executed. I asked Brian if he thought the White House and lawmakers were on the right track with these plans and he stopped short of agreeing, but rather said he was “optimistic.”
I, on the other hand, think the stimulus package may help the economy in the short term, meaning this year, but alone will fall far short of long-term recovery. Why? Because foreclosures have the ability to nullify the entire stimulus effect, a point Chappelle and I both agree on. Reducing foreclosures is a necessity.
We can and we will debate the best way to cut foreclosures. You may think the White House is crazy with the plan to help people renegotiate their loans, but let me just say this: Something has to be done. From economist estimates, we’re facing four to eight million more foreclosures in the next four to six years. If those estimates come true, all our homes will be at risk of losing significantly more value across all market price points.
Be here next week when we’ll discuss interest rates and government intervention.
Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.CoDreamHouse.com.
Wednesday, March 4, 2009
Tuesday, March 3, 2009
Magnificent Home at Kentley Hills
You’ll love this magnificent Oakwood Home in desirable Kentley Hills.
The 4 bedroom, 3 bath boasts over 4100 finished square feet and over 5800 total square feet. The huge gourmet kitchen with cherry cabinets and granite island opens to a spacious family room with a fireplace. The sliding glass doors lead out to your professionally landscaped yard with your own coy pond waterfall and stream. A separate dining room is perfect for entertaining a large group as is the enormous living room. The main floor has a combination of hardwood floors and tile with a spacious floor plan. The study is a perfect comfortable home office. The master suite is the jewel of the upper level providing more than enough space for a sitting area and of course the beautifully adorned private master bath. The three second floor secondary bedrooms are large providing plenty of room for kids to enjoy. All the bathrooms have been finished with granite ountertops. The home is immaculate and in move in condition. Call Dan Polimino for a showing.
The 4 bedroom, 3 bath boasts over 4100 finished square feet and over 5800 total square feet. The huge gourmet kitchen with cherry cabinets and granite island opens to a spacious family room with a fireplace. The sliding glass doors lead out to your professionally landscaped yard with your own coy pond waterfall and stream. A separate dining room is perfect for entertaining a large group as is the enormous living room. The main floor has a combination of hardwood floors and tile with a spacious floor plan. The study is a perfect comfortable home office. The master suite is the jewel of the upper level providing more than enough space for a sitting area and of course the beautifully adorned private master bath. The three second floor secondary bedrooms are large providing plenty of room for kids to enjoy. All the bathrooms have been finished with granite ountertops. The home is immaculate and in move in condition. Call Dan Polimino for a showing.
Monday, March 2, 2009
How Can We Turn This Economy Around? By Dan Polimino.
What’s the formula for jump-starting the nation’s economy? That’s the question of the year and one that dominated the news in this past month of February. Rightly so. Everyone seems to have an opinion regarding the right answer, so let’s recap some of the ideas we’ve all been debating around the water cooler.
#1 An $800 billion stimulus plan to create jobs and put people back to work.
Problem: Critics think it will only create temporary work, not long term jobs, has too much pork and they fear this infusion will take too long to stimulate any immediate growth in the economy.
#2 A plan to create a bad bank to soak up all the toxic assets of our national banks.
Problem: Critics say no one knows how to value bank assets. Pay too little for them and banks are still in trouble; pay too much and tax payers will never see their money back on this asset investment.
#3 Lower interest rates and stimulate housing with tax credits for home buyers.
Problem: Critics say if the interest rates go any lower we’ll have too much inflation and that tax credits do not reach a large enough group of people to make an impact just first time home buyers.
#4 Don’t do anything. Let capitalism work to weed out the chaff and let the economy right itself.
Problem: Critics say too many innocent people will be hurt and the economy will collapse on a grander scale than what we saw in the Great Depression.
Now, I’m not going to pretend I know more than the next fella, but there are two things I’ve learned from this mess. First, housing started this problem and housing is likely the answer to get us out of it. Secondly, it is blatantly apparent that the average American is absolutely addicted to debt. Banks have no money coming in their doors because Americans can’t pay their mortgages, their car loans, their student loans or their credit cards. Until we learn to live within our means, I fear we’ll be down this road again and again, no matter what plan we implement.
Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.CoDreamHouse.com.
#1 An $800 billion stimulus plan to create jobs and put people back to work.
Problem: Critics think it will only create temporary work, not long term jobs, has too much pork and they fear this infusion will take too long to stimulate any immediate growth in the economy.
#2 A plan to create a bad bank to soak up all the toxic assets of our national banks.
Problem: Critics say no one knows how to value bank assets. Pay too little for them and banks are still in trouble; pay too much and tax payers will never see their money back on this asset investment.
#3 Lower interest rates and stimulate housing with tax credits for home buyers.
Problem: Critics say if the interest rates go any lower we’ll have too much inflation and that tax credits do not reach a large enough group of people to make an impact just first time home buyers.
#4 Don’t do anything. Let capitalism work to weed out the chaff and let the economy right itself.
Problem: Critics say too many innocent people will be hurt and the economy will collapse on a grander scale than what we saw in the Great Depression.
Now, I’m not going to pretend I know more than the next fella, but there are two things I’ve learned from this mess. First, housing started this problem and housing is likely the answer to get us out of it. Secondly, it is blatantly apparent that the average American is absolutely addicted to debt. Banks have no money coming in their doors because Americans can’t pay their mortgages, their car loans, their student loans or their credit cards. Until we learn to live within our means, I fear we’ll be down this road again and again, no matter what plan we implement.
Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.CoDreamHouse.com.
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