by Mike Sharkey
Staff Writer
It’s no secret the real estate industry has struggled the past year or so and there are a variety of reasons why. From the Realtors to the builders to the developers to bankers, no one is denying the industry has seen better days.
That said, last month’s Realtor Builder Tradeshow at the Osborn Center was the scene of optimism. From the carnival theme to the tunes of the Mystic Dino band, those who attended are convinced better days aren’t far off.
“There is still a lot of information available here. This is still a great way to let others know what’s in the market,” said Pud English of Palencia. “Those who are new to town and those that are old are still here.”
English has been in the industry for over three decades and she’s seen the volatility of the real estate market. From the high interest rates of the 1970s to the stock market crash in the ‘80s to the affect 9/11 had on the entire economy, English has seen enough to know the market - especially in the Northeast Florida area - will recover.
“I’ve been through three of these. This one is the most different. This one has affected the most people,” she said, adding she expected sales to improve after the election and after the holidays. “I am already seeing it pick up in good, quality buyers. In the first quarter, we won’t see a significant change, but we will see a change in the upward mode.”
Mimi Poindexter is a mortgage loan officer for Bank of America. She said the days of creative mortgages and loans are gone and potential homebuyers can expect to see a return to the days where you bought a home based on your income, employment status and credit rating.
“Our business in the near future will be twice as strong as in the past because we are a quality, A-paper lender,” said Poindexter, meaning one of Bank of America’s mortgage criteria is a credit rating of 620 or better. She also thinks the government will be much more involved once the foreclosure issue is resolved. “I believe there is going to be a lot more regulation. People were getting homes with a 60-70 percent debt to income ratio, which is totally out of line. Forty to 43 percent is acceptable.”
Andie Patton of Ryland Homes and Jason Rue of Prudential Network Realty served as co-chairs.