Throughout a real estate transaction, there's a lot of communication by a lot of involved parties. Buyer, seller, buyer's agent, seller's agent, buyer's agent's transaction coordinator, seller's agent's transaction coordinator, escrow, title, insurance, lender, HOA, etc, etc ---- it can get messy and inboxes can quickly get cluttered. In working for years with some of the very best (and I'd argue a few of the worst!) communicators, there are a few things that some people do very well that require a little up front work that make each and every transaction they're a part … (20 comments)
real estate: 2023 Mortgage & Housing Forecast
- 01/05/23 08:36 PM
As in year's past, we took a look at recent data, historical data, and expected news and economic metrics to come up with a forecast for 2023. We discuss housing, rates, inflation, and recession to come up with some overall forecasts for the housing market. It's good news for buyers, sellers, and the overall market in many instances, with some recessionary concerns posing challenges for the overall economy - BUT, things look good for housing in most markets due to continued inventory challenges and a high likelihood we'll see mortgage rates take a dip. You can find the full forecast and see the … (2 comments)
real estate: Mortgage Applications Up - What Does It Mean?
- 11/16/22 02:00 PM
Why am I posting today about mortgage applications when data on them is and has been released weekly for as long as I can remember? Because this week signifies the first time application data has been released in a week where we saw a significant drop in interest rates. Mortgage rates haven't seen any substantial drop since 2021 when inflation began to grip the market place, but last week's low inflation reading caused mortgage rates to dip more than half a percent in a single day.
And what happened next? Refinance applications continued to fall. This makes sense, because there's a massive amount … (5 comments)
real estate: How Do Home Prices Fall When...
- 08/16/22 12:00 PM
Real estate is local. Kind of. It's also regional, and also national. But keeping in mind that the US is a very big place, before discussing home values, it's important to note that in the US, there can be large differences from region to region and from one metro area to another (not to mention the even larger disparities from the major metros to the rural non-metros). So, of course some markets are going to differ, but....
How do home prices fall when...
- Inventory is still below pre-covid levels
- Rents have continued to keep pace with the increases in home values, so … (13 comments)
real estate: Where Did the Buyers Go?
- 06/29/22 12:41 PM
Where Did the Buyers Go? My team is fortunate enough to work with some phenomenal real estate agents. I'd argue we've been privileged to work with some of the very best in the country, and certainly some of the best in given markets. And while most real estate is extremely local, one common phenomenon we're seeing nationwide is the "disappearance" of buyers. Well, buyers haven't "disappeared", but the feasibility of buying has disappeared for many as a result of the current market. Just this week, the Case-Shiller home value index was released for April, pointing to a continuation of immense home appreciation - … (18 comments)
These are some common phrases I hear when a loan goes off the rails. Especially amongst newer loan officers with little experience, but even amongst more experienced loan officers, a loan going sideways and knowing someone's refinance is in jeopardy, or worse, their new home purchase dreams may be falling to pieces.
Buying a home and even refinancing are emotional processes and go far beyond a simple "transaction". While one of our basic needs, shelter, isn't usually at stake in a refinance, few things make people more … (16 comments)
Answer the phone at all hours of the day? Work weekends? Over-communicate, even when the communication is not fun? Yep. Check. Check. And check. Invest in my business to provide what I feel is the best possible loan experience? Done.
When it comes to getting loans, I do a lot. Over the past 15 years I've worked my tail off to create a steady stream of business that I can consistently rely on. Much of that comes from relationships with some wonderful people that share my name (if you're one of them … (25 comments)
Real estate is on fire. It's no secret that home prices have gone up astronomically over the past 2+ years, and they continue to rise, in a phrase coined by crypto investors, "to the moon!". This meteoric rise in prices has caused the phrase "bubble" to be tossed around my media talking heads, "experts" on the news, and even some very smart people within the industry. They cite things like "rising rates pushing buyers out of the market", a slow down in pending home sales, and other metrics in determining that a "bubble" … (11 comments)
Want to see the fastest example of the theory of evolution at work in modern times? Watch real estate agents adjust to a new market. It doesn't take long for agents to adapt. And good agents always adapt. Buyer's market? Seller's market? Somewhere in between? Doesn't matter. Good agents know what it takes to make an offer stand out. In the modern market, we're seeing things that used to be extremely rare become the norm - rent backs, buyer's paying both sides "customary" costs, 2 week closes. All the "new … (13 comments)
Recession is starting to show it's ugly face in the US - at least in media headlines. One of the biggest reasons is that a historical indicator of pending recession is upon us - the flattening of the yield curve. "Yield curve flattening" is a pretty simple concept - it occurs when the yield between short and long term treasury bill prices disappears, making the cost and return of short and long term investments identical, or inverted. Yield curve inversion occurs frequently in environments where the Fed is raising rates and tightening intra-bank … (22 comments)
The real estate market is getting a lot of negative press at the moment. From some “experts” calling for a housing crash (the same ones who have been calling for a dip for over 5 years now…maybe eventually they’ll be right after another 10%+ jump in home prices this year!), to headlines about bidding wars, absurd “over list” offers with people spending 6 figures over asking price, and other articles about the shortages of inventory we’re experiencing. And yes, it’s a wild world out there in the real estate jungle, but there’s also a lot to be optimistic … (5 comments)
Closing dates. Financing contingencies. Prequal vs Preapproval. These are just a few things sellers are looking at when it comes to reviewing offers on their home. While there are many reason a seller may or may not accept an offer or choose one offer over another, one thing is for certain - any offer that creates FUD (fear, uncertainty, doubt) is going to hurt a potential buyer's chances of getting the home under contract. One way to get over FUD is to be a buyer that has been fully approved by their lender before they even see … (7 comments)
real estate: The 'Local Lender' Myth
- 01/18/22 03:35 PM
The 'Local Lender' Myth Real estate is local! Out of area lenders are terrible! Online lenders are the worst! "______(insert lender/bank name here) stinks!". These statements are thrown around pretty often in the real estate arena, and sadly, the perception is in some cases translated to reality. Before I address these specific statements, a quick story:
Once upon a time, in a galaxy far, far away (specifically, the year 2007, in a small town called Chadds Ford, Pennsylvania) there was a lender who helped a home buyer purchase a new home. Just prior to closing, the final documents were generated, and to the … (14 comments)
real estate: Listing Agents - Calm it Down a Notch
- 11/30/21 10:06 AM
Ah, the holiday season. The season of lights. The season of decorations. Celebrations. Religious reflections and joy. Family time. Real estate agents reminding others just how miserable they can be... We're in a seller's market. A heavy seller's market, and we've been here for a while. How long? Long enough for many listing agents to forget how to be decent human beings. Long enough for many listing agents for forget it's not always like this, and that lenders, and the agents on the other side of the transaction sometimes have really, really good memories. I have the wonderful fortune of working with some … (13 comments)
real estate: What Happens AFTER Things Go Wrong
- 10/22/21 12:44 AM
What Happens After Things Go Wrong? $hit happens. There's some controversy around the creation of the phrase. Did Professor Connie Eble bring the phrase to written form for the first time? Was it, in fact, Forrest Gump? While mystery surrounds the phrase, I am near certain that the original use was tied to someone with a real estate license, or a mortgage professional. If you're in the real estate industry long enough, or you're a consumer who has bought and sold enough homes, you know somewhere, somehow, someday, something went wrong. $hit happens, and for thousands of reasons along the way - … (20 comments)
real estate: Part Timers VS Hobbyists
- 10/13/21 12:39 PM
Part Timers VS Hobbyists In Real Estate there's always been an attitude amongst many that "part time agents have no business being in the business". This argument becomes a little louder each time we're in a market like we see today with limited inventory, an abundance of licensees, and home sales with prices so high & days on market so low that the general consensus is there's to many unskilled 'professionals' seeking an easy payday.
I've always believed, though, that the argument shouldn't be around whether or not someone is working 40+ hours/week in real estate or not, but whether or not they're … (25 comments)
Much of what constitutes "news" in today's world, it seems, is in reality click-bait and ad-dollar attention seeking. From world news and politics, to the latest sports controversy being discussed ad nauseam on ESPN, to "health & science", and of course, to real estate. Everyone wants a click. Everyone wants a new advertiser. Honesty be damned. Added value for the reader? An afterthought.
As a reader and consumer in today's world, it's important to distinguish between click-bait, news, and, well, total garbage. Recently in the headlines, I came upon some … (9 comments)
"Affordable" is not the first word that comes to mind for anyone involved on the buying side of today's real estate market. While we realize that real estate is local and every market is somewhat different, the vast majorities of markets in the US today have one thing in common - prices that are going up, up, and more up. DOGE coin isn't the only thing that's been going "to the moon" the past year, as real estate prices have risen nationally in the 10-12% range.
With that in mind, would you believe we're in the midst of … (27 comments)
From a production and lead generation standpoint, the majority of 2021 has been attempting to navigate the housing market to find creative, outside-the-box ways for buyer’s to compete in today’s marketplace. With demand competition far exceeding available housing supply, it’s not uncommon for homes to sell in less than a day with multiple offers, many times with sales going to cash buyers, selling above list prices, with minimal contingencies. Things are tough out there for the average home buyer.
I’ve come up with some creative options and systems … (19 comments)
Recently I was talking to one of my oldest, best, and most talented friends, Dave Fitzgerald. Just catching up, shooting the breeze, and seeing how he was. I've always known Dave to be a good guy and in the area of the arts, pretty talented. He's gotten into photography over the years, and from what he's shared, has gotten really good really fast. The surprise came when he shared his website, and I saw that some of what he's done has been real estate focused.
So it's no surprise I thought ActiveRain should be a spot he … (8 comments)
5 Things Agents Can Do To Improve Communication
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