To my wonderful buyers, Yes it is a new world. It is no longer the same world that it was six months ago. It is now a sprint and not a marathon. It is now a seller’s market and not a buyer’s market. I am sorry for you. However that is the new reality.
You ask now that it is a sprint and not a marathon what does that mean to you? Well here is my opinion of what it means:
It means that when I call or email you and tell you that you need to see this house it means “come today” and not next Saturday. Yes I understand that you may have to leave work early and that you may have to drive in rush hour traffic but remember it is now a sprint and not a marathon.
It means that not only do you need your mortgage preapproval letter but it means you had better have that big stack of documents that the lender wants up-to-date and ready to go. Remember the Boy Scout motto “be prepared”. And remember it is now a sprint and not a marathon.
It means that in a multiple offer situation the seller will look very close at who your lender is. If you are using one of the big national bank lenders who we all know are slow and unreliable and the other bidder is using a local mortgage banker or bank and everything else is equal......you will probably lose. I can sprint to the local lender rather than have to run a marathon to see the other guy who is in another state.
Yes it is a brave new world requiring speed and agility. The housing chase has become a sprint and not a marathon.
Have a great day!!
Ron
Comments(3)