Each week, Bankrate.com surveys 50 mortgage experts from around the country. One of them, Brian Peart, has come out and predicted that the market has already bottomed, that a recession will not happen this year and that we are about to see the stocks run up through the summer and fall. He predicts with compelling argument, that by July all the doom and gloom will be mostly brushed aside and a much more positive outlook will prevail through Wall Street.
“Already we are seeing signs in every section of the country that home sales are picking up”, Brian states. “It is only a matter of time before the ‘street’ picks up on it!” So the question becomes, what if he is right. What if the market has bottomed and home sales start picking up…what does that mean to us?
Well first, better plant those seeds now. Let all your past clients know about this and let them know that you are there for them. Home prices will probably not rebound for a while but home sales will increase and it starts there. Your clients are worried about their investment and they will welcome your call. Be the “good news” agent.
Second, as Wall Street rallies and fears subside the Jumbo market rates will stabilize as will commercial loan rates. So the qualifying of customers will be a little easier. As the market continues to improve, we can get back to a much more normal market.
Remember, the time to buy is when prices are low and the affordability index is the highest it has been in 6 years meaning more people can afford the home prices in our area then we have seen in 6 years. This is a great time to plant seeds and prepare our fields for the harvest.
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