Predictions aren't my forte. Then again, neither is driving distances over twenty miles, yet I have to do that a few times a year as well. And each new year brings new ideas, opportunities, hopes, dreams, and more sales for folks producing Calenders.
This past year may go down as one of the most difficult for the Real Industry. 2009 is not alone, though. It was preceded by 2008. 2007 came before that. So the story goes...
And while we can all learn from the past, live in the present, the future beckons. So, therein lies my predictions on what's around the proverbial corner:
- Credit Requirements loosen up. Scores aren't deemed as important as the credit history and circumstances behind such matters. The human element is re-introduced, which leaves Stephen Hawking running wind sprints against the hands of Father Time.
- Upfront Mortgage Brokers/Bankers aren't a sales pitch, but a reality. Personally, I never understood why the concept was so narrowly defined that it became the sales pitch that it now is. Who are they comparing themselves to, the "Back End Bend You Over" Brokers/Bankers? When a home, anyone's home, is on the line, "Upfront" should be the norm ... not the catchphrase of the day.
- Credit education begins to be taught at a young age, let's say well before eighteen. When you start driving a vehicle whose weight measures in tons, your knowledge of how to gain financing for said vehicle weighs even more. Creditors make money off of ignorance. I don't mind anyone making money. I just mind anyone being ignorant.
- Your house is your home. It's not an ATM Machine. Enough written. Now go and put up those Christmas lights.
- Regulations on the Mortgage Industry continue to do everything but collect dust. They are implemented! And then one day, some smart chap in Eastern Pennsylvania proposes that they remain consistent across the board. Federally Chartered Banks have to follow the same rules as Joe & Chico's Mortgage Outlet on the Eastside. If you want competition, provide an even playing field ... you'll get it in droves.
- Jason Sardi never touches a drop of alchohol again. Okay, that one is a joke. But, it could save yours truly some money if implemented. Busch Pounders aren't as cheap as they used to be;)
- Pre-Approvals will not replace Charmin for wiping the vertical smile below the small of your back. Along with a full application, all supporting documentation will be collected and reviewed before addressing the streets with one's ability to purchase a home.
- The HVCC gets axed, like any form of lumber in front of a pissed off Paul Bunyan. Appraisers, Realtors, Loan Officers, & Borrowers all rejoice. Finally, someone who knows the area is giving their educated opinion on the market value of the home. In what becomes known as true poetic irony, Mario Cuomo gets kicked out of office and becomes an appraiser.
- Interest Rates remain stable and relatively low. House prices do the same. What becomes of this is a flurry of late-night Real Estate "Get Rich" schemes that take in as much money as it would take to bail out our collective debt-load. Carlton Sheets appears on Larry King and is interviewed by Donald Trump ... who is chastised openly by some Asian Man with a Rich Dad & a Poor Dad.
- Finally, Active Rain stabalizes as the leading source of online Real Estate News & Commentary. Despite vicious rumors of Bob Stewart's eyes being a remote version of the Anti-Christ, the Real Estate Community continues to be enamored by the possibilities exposed in reaching folks through Social Media, Interaction, & a simple Search Engine Search. The Members educate and the forum stimulates ... Blanton even gets a commercial spot for Viagra.
So it is written, so it shall (My God only hopes) be done. As far as me in 2010, I have a prediction ... a song, if you will...