How’s the real estate market? Then and now – Lake County Record-Bee
As you might suspect, coming up with material for these columns every week can be challenging. This week, as I reviewed industry newsletters, emails from readers, and conversations with my Realtors, it got me thinking about how much has changed since I started in this business and that if I had to do it all over again, I’d choose exactly the same business.
As a 19-year-old college student almost 50 years ago, when I was living on Social Security payments after my father died, I decided to buy a house as an investment. The purchase price was $18,000 and I was a little short on cash, so I offered $1,800 as a down payment and the seller agreed to carry back an $1,800 second. My monthly mortgage payment would be $108 if the bank would loan me the money to buy the property.
So, I went to the bank to see about that loan. The loan officer didn’t ask me to prove that I could afford to…