FRIDAY FACTS
May 13, 2011
Effective March 18th, new mortgage rules in Canada reduced the ability to amortize mortgages over 35 years to a maximum pay back period of 30 years.
As noted in RISMedia: “Bad News Travels Fast. One customer complaint, tawdry tweet, Facebook faux pas or edgy email – and suddenly it could go viral. Add value, build trust, give back and it may go viral too.”
From Think Big Work Small – How did you hear about Osama Bin Laden’s death? 67% of the country heard it through social media. Still think it’s a fad?
According to NAR, 80% of signed contracts usually result in a sale, but recently, a larger group is pulling out because appraisal values are coming in lower than contract price.
Here’s a notable quote from Tara-Nicholle Nelson in Inman News: “Home-sellers who had pushed their windfall-esque home equity over into the mental account that is labeled “assets” have been excruciatingly reluctant to revise this mental account’s balance. Some have decided to stay put and wait to sell until “values come back next year” for four years running … Others have put their homes on the market, but insist on rigid and fantastical pricing based on their mental belief in their home’s value … As a result, they set themselves up for long term limbo.”
Very effectively written, I hope next time is often fantastic, thanks for sharing
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