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It’s Getting Hot In Here

A comment and a few e-mails yesterday prompted me to share with you what I told the man who called me for my opinion on whether he’d get burnt if he bought a house now.  I didn’t know him at all, I was concerned that he and his parents would give me veto power when they didn’t know me either, and I have no real clue about his finances, the price of the house in relation to others sold in the area and the amount of pending foreclosures nearby.

So I told him what I’d tell anyone:  if he has at least 20% to put down, can afford the payments on a fixed rate mortgage, has money left over after closing costs to pay for all the things that can go wrong with a house, and isn’t planning to sell within the next three-five years, he was not foolish to buy a home he really liked.  But if he was cash-strapped or looking to cash out big and/or soon, I was not the person to validate his purchase.

I get paid to advise about what I know, and I never begrudge a client my opinion.  But I am loath to provide an estimation of scorch-ability to a stranger in a market that has been chilling for years.

***

Have a great weekend!  I am not over my Rangers’ heartache, probably because the Mets have not provided a welcome distraction.

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