I recently completed my continuing education class with Paul Donohue (who by the way is excellent!). We were discussing how agents are handling this market and he made an excellent point. Its not really a buyers or a sellers market...Its really become a Lenders market. Lenders are going back to the basics.
While they are making it harder to get loans and requiring people to get back to not over extending themselves anymore, smarter buyers are emerging. More and more clients we are seeing are making wiser decisions on the size of house that they can afford. We are starting to see more borrowers coming to us with a comfortable payment in mind, rather than "what is the MAX I can buy!" We are starting to see more borrowers concerned about where every dollar they spend goes. This is how it should be.
Not only smarter buyers are emerging, but the best of the best in our industry is left to capture all the clients! Times are tough in real estate, but with the correction in the market place...that is, a 70% reduction in licensed mortgage originators, the bad guys are gone. Its the best of the best left. The lenders market has eliminated the fluff and trimmed up our industry to where only the ones who have integrity, are ethical and perpetual students of their field, can hack it. We are the ones that have been true to treating our clients right, and advising on the correct loan size, loan type, etc from day one.
And the agents...remember all those part timers. Part-timers are no longer. The agents that are and will succeed now and for the couple tough more years we have coming are sharp and know their market. They understand what it takes to get the deal done and won't stop at no. You have plan B's in place and make things happen.
Me personally, I'm proud to be one of the few remaining. I am thoroughly enjoying this Lenders Market!
Comments (3)Subscribe to CommentsComment