For all those interested, In case you missed it, on Monday, the chief
economist for the Realtors Association announced that
existing home sales were down .5% for the month of August.
Overall, the median price for a home has dipped below
the August 2005 level. According to David Lereah:
"Homeowners are finally starting to drop their asking prices
indicating they acknowledge the housing sector is slowing."
This is great news to those of us in the know for real estate.
It provides a new opportunity to purchase homes at more competitive
prices than in the past.
For those on the financing end, it allows some of our past clients who
perhaps couldn't afford escalated prices now to get into a home. Touching
base and following up with these clients via phone, newletters, etc. allows
you the opportunity to turn former applicants & prospects into a increased pipeline
and future closed loans. Especially considering that while home prices are decreasing, or
at least stablizing in a lot of markets, rates continue to be remarkably low! Those factors
coupled together allows you a competitive edge to make sure your purchase money business
remains strong & well, even if you don't have a network of realtors sending you business. If you
have been in the business awhile, I say at least 18 months or more, you should have a
good amount of former applicants who expressed interest in buying a home at one time. It is a
good time to get a hold of these people and let them in on the great news you have, "Stabalizing
Home Pricing & Rates Are Still Low!" And don't forget, one of the best times to ask for referrals is time
of the application, or in this case on your follow up call with these clients, remind them to refer anyone
they know to you.
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