Good Morning, Active Rainers!
Are you holding up ok? Financially, I mean?
It seems, sometimes, the daily drumbeat of discouraging economic news turns into a din. High inventories. Long market times. Declining prices, in some areas, dramatically.
Listing Clients putting off their decision to sell while waiting for better times. Those pressed to sell due to economic stress facing long approval delays from their lender - or lenderS - only to be turned down to sell short. Unrealistically priced sellers finding other, non-integrous real estate practitioners, or, sadly, lenders to tell them what they want to hear.
Buyers waiting for prices to fall further. And, when they do decide to buy - will they get financed? We've found here in Chicago that Mortgage Insurance Companies have now tagged us "declining market," despite renewed market vibrancy in many areas and suburbs here. Those with 10% down, with strong credit, used to be a slam dunk to close. Those with 5% down - more headache, but usually a successful close. Not anymore!
FHA transactions - viewed as the mortgage safety net for those with low down payments and tarnished credit credentials - often impose repair requirements the sellers are hesitant to agree to.
Inspection issues - what will buyers raise? As a practitioner, can you manage their expectations? Will the sellers agree to the usually-higher levels of repair requests, since buyers feel "they can get them all now?"
So, again, how are you holding up?
Often times, it seems as if we're working hard to stay afloat financially. Does it seems, at times, you have to rob Peter to pay Paul - this month? (You'll pay Peter back next month, you know!) Tapping reserve lines you've set in place, perhaps too often?
Have you hoped for stronger times - next quarter - but just don't know if they'll come - next quarter?
Will those deals in process be delayed? Will they close at all? Often times, their success or failure depends on third parties - lenders, appraisers, attorneys, and the overall economy.
As successful Real Estate and Mortgage Professionals, we are taught to have a broad, optimistic view. Have faith! Markets will strengthen again, as they always have. Things will balance.
But responsibility is in the present! Family Obligations. Personal Obligations. Business Obligations. And the constant need to "keep a positive face" in difficult times.
Are you doing OK? How are you holding up, money wise, I mean?
It's good to share! Please do!
DEAN & DEAN'S TEAM CHICAGO