If what you’ve been doing that previously worked well for you, is not working well any longer, change is needed. As the market changes, the way we do business needs to change. As the family’s financial situation takes it on the chin, we need to learn to change our moves and master weaving, so we don’t catch a blow to our chin.
Every market is different, but people are not. Those who were previously financeable may not be today; those who assumed homeownership was available to everyone are greatly mistaken; and we need to think differently as agents.
The pool of qualified buyers is shrinking faster than a wool sweater in a hot dryer. Sellers want to continue to show and market their homes that are pending, in search of backup offers, until the mortgage contingency has been satisfied. Appraisals are difficult; rules for qualifying are more stringent; and real estate is a much tougher business now.
Are we approaching the day that sellers have a fee appraisal done on their home before it’s listed? Will the future financing for buyers require that the total process be complete, and the only contingency would be the selection of the property? Will pre-approval letters be a thing of the past? All of those thoughts are reasonable, in my opinion, and would save all parties time and money. We’ll be experiencing many more changes in the way we do business. Change is a “constant” in the real estate formula, and that will never change!!!
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