BUCKS WIN

A real nail-biter yesterday as Ohio State narrowly defeated Michigan, in a battle of #2 against #3, respectively.

An instant classic. This game could have gone either way, but it was hard to watch the Wolverines dominate my Bucks for the first three quarters.

Channeling Woody and Bo

Watching the Ohio State-Michigan rivalry game, referred to as "The Game" by fans of both schools.

My Buckeyes trailing by 3 in the fourth quarter, but this has been a back-and-forth, defensive grind so far. Harkens back to my childhood watching these teams slog it out in Ohio Stadium every two years.

Both coaches -- Urban Meyer and Jim Harbaugh -- have turned their teams into juggernauts this season. But somehow I think Woody Hayes and Bo Schembecler are smiling down from their perches on high. THIS is how football is supposed to be played by two college superpowers.

Why Did I Join John R. Wood Properties?

Recently, I've had a couple of telephone calls and emails from friends and colleagues, wondering why I joined a family owned, independent real estate brokerage in Florida, rather than one of the more well-known national "flag" brands.

The answer is simple. John R. Wood Properties IS the big dog brand in the Paradise Coast corridor.

Besides making a difference for our customers, John R. Wood Properties turns heads when it comes to statistics regarding its weight in this market, the state of Florida, and nationally.

Consider the information below, and it will make sense

-- #1 In Per Agent Productivity/Sales In Florida
-- #18 In the USA In Agent Productivity/Sales
-- Ranked 65 out of 500 U.S. brokerages in total closed sales volume at $2.365 billion

Those are just a few items to consider, to start. I couldn't ask for a better strategic partner in John R. Wood Properties with which to serve my customers in Naples, in Florida, and across the nation.

AP: Some Buyers Starting To Panic

As I wrote in an earlier post, interest rates are very likely to creep up in the near future. According to the Associated Press, that has some home buyers in a panic

Says the AP:  "With mortgage rates surging following the election win of Donald Trump, homebuyers may feel compelled to snap up loans before rates rocket even higher. But housing experts say consumers shouldn't get carried away by the post-election wave. The advance of the past week or so, stoked by a surprise victory that turned economic expectations on their head, could soon settle.

Says Erin Lantz, vice president of mortgages at Zillow, "Consumers considering buying or refinancing now should stay patient, as we'll likely see rates stabilize once markets find a new equilibrium."

The AP continues: "In the week ended Thursday, the average rate on the 30-year fixed-rate loan jumped to 3.94 percent from 3.57 percent the previous week, mortgage company Freddie Mac reported. That put the benchmark rate close to its year-ago level of 3.97 percent. The average for a 15-year mortgage, a popular choice for people who are refinancing, climbed to 3.14 percent from 2.88 percent.

"The rate rise was powered by a sustained decline in U.S. government bond prices in the days after Trump's victory became known early last Wednesday. Bond investors looked toward tax cuts and beefed-up spending to upgrade roads, bridges and airports under a Trump administration, which could fuel inflation. That would depress prices of long-term Treasury bonds because inflation would erode their value over time."

My opinion is not to be fearful, just aware of what is coming and make decisions accordingly. As always, there is more to come on this story . . .

Its Game Day For Buckeyes

Remember I said I am a big Ohio State Buckeye fan?

We are in Denver for the Thanksgiving holiday. My significant other and her daughters and their kids are baking cookies. It snowed a couple of days ago. Temp is hovering around 20 degrees F.

And I have the Ohio State-Michigan State game on my laptop. OSU needs to win this game, as well as against the highly ranked Michigan Wolverines next Saturday in Columbus.

Still in the hunt for the National Championship . . .

Folo On Likely Gradual Interest Rate Hikes

Catching up on my reading, I noticed a piece in USA Today stating that Federal Reserve Vice Chairman Stanley Fischer said Friday that the case for raising interest rates gradually "is quite strong."

More fuel to bolster my opinion that the rate hikes are coming.

In the first remarks by a Fed policymaker since the election, Fischer didn't specifically address the vote or whether the Fed will lift its key rate at a mid-December meeting. But in a speech he delivered at an event in Chile, he didn't give any indication the Fed's roadmap has been altered."

"In my view, the Fed appears reasonabl close to achieving both inflation and employment components of its mandate," Fischer said. "Accordingly, the case for (raising interest rates) gradually is quite strong, keeping in mind that the future is uncertain and that monetary policy is not a preset course."

Again, if you are a buyer, LOCK IN YOUR RATES. If you are thinking about buying, get in touch with your lender NOW to get the ball rolling.

Lock In Your Rates! And Other Thoughts . . .

As I have shared with my readers in my Cash On Cash blog over the past few years, if the stock market rises steadily, then interest rates normally follow suit.  

Over the past several days, the stock market has risen dramatically. As money pours out of bonds, Treasuries and mortgages-backed securities into the stock market, those markets are raising interest rate yields -- at an almost hourly rate -- trying to keep investors.  Buyers and sellers of residential real estate need to pay attention. If you're not paying attention, or you're with a lender or agent who doesn't alert their customers, you may not only be in for a shock but your loan approval could be in jeopardy if you are tight on debt-to-income ratios.

If you are a buyer in contract, make sure your interest rates are locked.  If they are not, I strongly advise you to read the news and seriously consider doing so.  The majority of the media has failed to prepare the public for this, so be pro-active.  

Further, President-Elect Trump has indicated he will likely retain Janet Yellin as head of the Federal Reserve. She and her colleagues have already hinted that interest rate hikes are likely coming. My guess is we will see a full percentage point increase by this time in 2017.

Now the good news!! This run up on the stock market is a sign of renewed confidence in our economy and, with the new administration already sending signals that they are going to encourage U.S. companies to bring the trillions of dollars now banked overseas back to the U.S. (under a one-time tax forgiveness program), we could see a huge investment by business and their infrastructure.

More jobs + higher wages + confident consumers = MORE HOME BUYERS!

Which is VERY good news for sellers!