Outlook bright for stable economy, business growth 1998

by Nunzio Del Greco
Jan 28, 1998

Almost everyone I spoke with in the past few weeks stated that business in 1997 was terrific or at least very good. It gives me great pleasure to hear that members are making money and are financially stable.

Interest rates should remain stable and that’s a major benefit for a healthy real estate market. Rates are expected to remain within the 7 percent to 7.5 percent range, near their 25-year lows.

“For those who are contemplating buying or refinancing a home, they’re gambling on rates if they don’t do it now,” says David Lereah, chief economist for the Mortgage Bankers Association of America. According to Fannie Mac, mortgage activity should remain strong through 1998. Agency Vice President and Chief Economist David Berson says mortgage markets should “power ahead at levels that are quite outstanding.”

Loan organizations are expected to rise 6.5 percent in 1998, although home sales should slow slightly from their 1997 pace.

I tend to be one that believes that we are ultimately products of what we think or believe. Everyone should always project a positive outlook and take action to create new opportunities, even from problems or challenges. I know it always sounds easier said than done, but it’s a new year and a good time for resolutions for those who want to improve.

Legislative victories on a national, state and local level have been impressive in 1997. As the local Realtor association for The Bronx and Manhattan, our active members contributed to those victories. Support for the association is an on-going effort, and with your cooperation, the outlook for The Bronx-Manhattan Association of Realtors will also be bright for 1998.

Assn. Membership Will Grow

There is enormous value in a larger, stronger organization for you. Collectively, our association has greater influence and can accomplish more to protect the industry and our livelihoods. It’s always important that everyone actively promote the association by recruiting new members. If every member recommended just two new members, our membership would triple and so would our lobbying efforts.

Holiday Party Success

Over 900 members and friends attended the recent Holiday Party of The Bronx-Manhattan Association of Realtors. Turning people away is an uncomfortable situation, but it’s always better than having a party with too few guests in attendance. Tickets were sold-out two weeks in advance of the party. I think that the new name, logo and expanded services for professionals will continue to attract more networking and generate more business for members.

The Bronx-Manhattan Association of Realtors (BMAR) is the Local Board representing the National Association of Realtors (NAR), which has over 720,000 members.

COPYRIGHT 1998 Hagedorn Publication
COPYRIGHT 2008 Gale, Cengage Learning

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