Most of you are probably younger than me. You probably weren't in the real estate business in the 70's. Heck, some of you weren't even born yet. But I fondly remember the adventures of selling real estate in the late 70's.
Interest Rates: The highest interest rate on a house I sold was 17 1/4!! I remember the house and the buyers very clearly almost 30 years later. The nice folks refinanced later at a much better rate of 14%. Seriously.
Gas/Oil: We'd have been happy to pay high prices for gas and oil. Unfortunately there wasn't enough of it and gas lines were a way of life. And you could only buy gas on certain days of the week depending on whether your license plate ended in an even or odd number. Here in New England oil shortages were a major concern since most of our homes were heated by oil. Homes with wood stoves and solar power were in demand and builders started to build with electric. When oil shortages ended, homes with electric heat became hard to sell and still are.
Qualifying Buyers: I'm not sure how it was where you live, but here we did our own qualifying of buyers. The age of the mortgage officer hadn't arrived yet. You set your buyers down, got all their financial information and did your own qualifying. You wrote the contract and the buyers to the local banker. This tended to eliminate agents who couldn't do math.
Dress: Men agents wore suits. Woman agents wore....yep, suits.
I'm sure there is more to remember but I'm getting older now. What was I saying?
Yes is I wrote offers at that time, an d my highest rate was 18%. That was when FHA loans were assumable without qualification, and a lot transaction were by "Articles of Agreement"
I doubt if there are many out there who are doing seller financing today, but just wait I may make some money teaching owner financing. It was more fun when the buyer brought in suitcases with cash.
Karne, Teri, Carole,
Maybe we could all try a NO TECHNOLOGY day. That could be very painful.
And Teri, give Trisha a hug for me. Scary for sure.
Found the photo in Google Image Search
Where did your old picture go?
And is this one in the post you in your halloween costume? Certainly not a inspired by the nuns!
I've been doing this for 6 years and I've seen plenty of changes...Linda,
I was told that once :) by betty Armbrust
Ray Saenz
LOL You are very observant. It was time to change my photo since mine was very old. That made me think about old. Which made me think about the 70's.
Nah, but I did get a Halloween card from a nun today. Sister Margaret. It said, "Do whatever makes you happiest today....I'll be praying for your pathetic, depraved soul tomorrow." Actually my sister sent it. We often share stories of being taught for 12 years by nuns.
I do not miss:
Waiting in line at pay phones.
Wearing pantyhose and platform shoes.
Worrying about inflation, stagflation and the Houston Oilers.
What a fun post, Linda, and a great picture to go along with it! I also enjoyed reading, and chuckling over, the follow up comments from others.....thanks for a few laughs on a slow Saturday afternoon!!
Ann Cummings
www.AnnCummings.com
I heard about the 70's - pretty weird!!!
(Sorry - I couldn't help it!)
I can't imagine being without a computer-
Wow, a Realtor in polyester bell-bottoms - barf!
Linda, I wan't a Loan Officer back then, but I am old enough to remember waiting in gas lines, because it was my day to get gas. You got in line even if you didn't need gas yet, because tomorrow you couldn't buy it. I remember the high interests rates, and how great it was to be able to assume a CHFA at 7.75% when the rate was 14%.
And by the way Linda, we are not old, we are just more mature.
Linda,
Great Post!!! Don't you sometimes long for the days when there were no cell phones and clients would wait longer than 10 seconds for a response. I remember buying my first cell phone in the late '80 in car only and $1500.00!!!! Okay, I guess this is better.
P.S. When I bought my first place the interest rate was 14% and that was a cut rate from my parents!!!!! UUGH!
I remember creating flyers for a local agent in Orangeburg SC using a manual typewriter, no pictures of the home. The top consisted of the catchey top phrase and address. The rest were line items of the basic features, and the bottom had the agent information.
The agents would pass out the flyers and/or post in the poplular areas or at one of the factories such as ROPER on hwy 33.
Linda, I remember all of that stuff like it was yesterday! Although I can't always remember what I did 5 minutes ago, or where I put my keys, my long term memory is crystal clear.
Here's a little fantasy game: Re-imagine the Woodstock Festival with blogs and chat rooms and cell phones. What a trip!
Oh gosh, I thought of some things to add to the "Do you remember list" ...
Do you remember 15-year amortization loans? Do you remember when people were actually able to pay off their mortgage before retirement?
Carole:
You had MY CAR. Rearended 3 times aand it never blew up!!!!!
LOL, Linda...thanks for the smiles.
I used to help out in my Dad's offices in the "good old days" ..In fact, I remember how much he disliked the MLS when it came in...He never did change his mind about that even though he lived to be 90 and was still previewing homes with great pleasure.
I had a 64 Chevrolet convertible!
Remember when one weeks pay had to be enough to cover our monthly mortgage!!!!! Try doing that now.
I started in the mortgage business in 1980 when houses in the Highlands were selling in the low 40's if I remember correctly. We made it a point to go to the real estate offices to teach agents how to qualify prospective home buyers for VA, FHA and CHFA. I think the agents qualified buyers better than some of my fellow mortgage professionals do now.
Everything was handwritten, also.
What a fun post! ((I kind of remember 1977...))
... and we still do our own buyer pre-qual/qualifications before referring to a L.O., gives us a little more control of the deal.
~Mariana
Love the post..Although I was born in the 70's but my mom has told me the stories of the interest rates and the gas shortages and expenses. That's why I can't understand why people are gawking at interest rates of 6 % or 7%! I missed the late 70's and 80's as an adult, but I still appreciate our interest rates today. All those buyers out there, gawking at our interest rates have either forgotten the late 70's and the 80's or there parents haven't passed that torch...
Today we have lower rates, but higher prices which are affecting cash flow for real estate investors. Even with the high interest rates of the 70s, you could you still get properties to cash flow, right?
Hi Linda,
My dad had his own business back in the 70's and I took it over in the late 80's. I can remember him saying that fax machines were a waste of money and that his agents had to hand carry paperwork to the co-broke agents or to their buyers or sellers. He always wanted his agents to have that personal touch. When cell phones came in he liked that but was furious about computers. I think he paid about 10K for their first PC with about 20mb. How times have changed. I can't wait to see what technology will do in the next 10 years.
Thanks Jay
HI Linda,
What a fun post? Thanks
Linda, Great work, I can remember those days well...in fact...
Recently I was pondering over an old photo album of my girl friend's. She had pictures of us in High School when we were on a school trip to N.Y. (to the country). I was wearing a SUIT! We never worn slacks, always dresses and skirts. Such a hoot!
Great post! Congrats on the Carnival win. That's what I love about this Carnival... I missed this post the first time around.
I grew up in the 70s (High School Class of We're so Fine We're '79)
My first car was a 1968 Volkswagen Bug. You could start it by sticking a screwdriver in the key slot. My girlfriend had a bright orange 1976 Vega. Remember Vega's? The engine block was aluminum. It was a piece of junk. (KAY, I just saw your comment about your orange Vega. Were you my girlfriend? I don't think hers was a DELUXE though..)
Rock concert tickets were $9. I remember being appalled that I had to pay $30 to see the Rolling Stones/ZZ Top concert. THIRTY DOLLARS for a concert?!?! The Stones will be in Phoenix Monday. Ticket prices were $99 - $350... The wife and I would have gone, but $700 for tickets seems a bit steep.
I made $2.05/hr working at McDonald's -- we advertised you could get a burger, fries and a Coke and get change back from your dollar.
I was quite upset when gas went over $0.40/gal as that meant it cost me almost five bucks to fill up my tank. Oh the humanity!
I added your victory to my Carnival post on the wanna-be famous Phoenix Real Estate Guy blog.
Congratulations on your Carnival of Active Rain win. Unfortunately I remember everything you mention.
Linda Great post.. Oh my do I remember...We all wore false eyelashes and hairpieces...
I started selling fulltime in June 1979.. by October rates were going up daily.. I think the highest rate was 18%.. We were so creative with our financing.. All we needed to hear was that a buyer fogged the mirror and we found a way to make the deal work.
The deposit receipts were one page with a very small area to write all the contingencies.. We all owned pens with extra fine points. All documents were hand delivered. If a buyer or seller was out of town we used telegrams from western union.
The good old days.. glad they are old days
Linda.... this was funny. And congrats on the win.
In regards to what you stated about the fact that loan officers didn't come into play back then....that you qualified your own buyers.. Well, 2 programs back then.... 30 yr fixed and 15 yr fixed... lol Now...over 400 loan programs.
Again.... good job and congratulations.