We all know this but sometimes it gets lost in the shuffle...
The saying "here today but gone tomorrow" loses its reality punch, if not used and used properly.
Lets face it, we get bad news (especially lately) from the media and have to deal with it and the problems it causes. We also have to overcome a lot of questions like...
- is this the right time to buy?
- I heard the market is going to lose some more value
- I heard rates are going lower
- I heard ... (fill in the blank)
While there is no one answer fits all, there are some simple truths to keep in mind and share with your potential buyers/clients as you head into the weekend of open houses, showing houses etc.
That truth is what is here today can and likely will be gone tomorrow!
If a property is loved by the buyer it will likely be loved by another too. How many times has a listing been on the market for a long time with no offers, limited showings then by some crazed miracle one buyer puts in an offer and another 1 or 2 show up same or next day, why??? Who knows I think it has something to do with a guy named Murphy.
Anyway, how about borrowers who put themselves through the ringer to make a decision on something and you know they love it, they know they love it and they finally decide to make an offer and it just went under contract?
These scenario's are real and we all know they happen all the time... THANK YOU Murphy, whoever you are, and your crazy law!
Here is a REAL scenario, ALL AR Realtors need to remember, that IS hitting soon, barring government reversal which is not yet come to even that talks stage let alone the action stage, the very real fact that the
- current elevated loan limits are going back down.
- The QRM for mortgage lenders may still be implemented and that is FAST approaching (which means elimination of many current loan products as no lender is going to pay a 5% up front fee/stake in the loan, for the right to close your loan it will be moved into a different and likely more costly product for the buyer)
- and the property you are interested in, it's very likely someone else is interested in RIGHT NOW!
Too many times we get caught up in the hype and the "what ifs" of a scenario. The truth is we make decision based on what is there today, and as we have all seen from recent days gone by, what is OK today may not be OK or available tomorrow. Here are 5 truths to always remember...
- Today we have great prices on housing
- Today we have very very low rates and still have elevated loan limits and low down payment available
- Today the house your buyer likes/loves is still listed and open for offers
- Tomorrow that can and likely will all change to some degree.
- The time to act is NOW tomorrow can never be guaranteed.
make it a great weekend and for AR members and readers with questions on mortgages, interest rates, programs, investment properties and investment property financing call or email me.
David Shamansky
US Mortgages
1745 Shea Center Dr 4th Floor
Highlands Ranch, CO 80129
720-524-8020
NMLS#245170
Equal housing lender
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