TV Home Buying & Home Renovation Shows: Fact VS Fiction:
Yep! I know this story all to well! And having WORKED on a movie set, what I really know is how staged all those shows are. And how many takes it took for them to get JUST the RIGHT expression on the Buyer's face when they opened the door and said, "Wow!" 5, 10 times? Maybe more?
But it is so true....how many buyers go over budget on a home price? Or over budget on the renovations? All this stuff on these shows makes our job a bit more challenging. And those 30 day renovations? Yeah, right!
Great post Gene!
TV Home Buying & Home
Renovation Shows: Fact VS Fiction
I just read yet another article on TV's home buying/home renovation reality shows. This one focused on how these TV shows set the tone for real estate trends and expectations consumers have for real estate transactions.
Trends ... buyer and seller expectations ... buyer and seller needs. Each is now uber-sensitive to the barrage of info shared (or not shared) within these shows' scripts.
Some proof of this lies within "what's hot and what's not" in real estate. The article I read urges us to think about granite countertops and stainless steel appliances. These TV shows preach that these features are what buyers want ... demand ... need. Their repetitiveness and preaching evolve into self-fulfilled prophecy.
As a Mortgage Originator, I'd love to see some info regarding home financing included within these shows on a consistent basis. Help set trends regarding financing.
To showcase the need for new trendsetting topics featuring mortgage financing on these TV shows ...
Consider how many times you've seen one of the following scenarios on a TV home buying/home renovation show?
- Buyer announces their home buying budget ... only to max that budget out or go well beyond it?
- Buyer says they are "Approved for a Mortgage" up to X dollars ... only to view and subsequently buy a home priced much higher?
- Buyer shares their renovation budget ... and then breaks that budget by thousands of dollars?
- Spend X dollars on a renovation ... only to reap a supposed increase in home evaluation (and Appraisal) of X PLUS?
- Buyers shop for furniture (and more) prior to the finalization and Closing of their home?
- Make a call to their Originator for info or guidance?
- Make a call to their Originator prior to spending extra funds or making changes?
See my point?
By dismissing, eliminating, and avoiding any mention of the repercussions of overspending and renovating beyond set budgets ... expectations and trends are set in the minds of viewers.
For new home buyers seeking financing or navigating the mortgage process ... as well as those hoping to refinance for renovation and remodeling purposes ... the reality they face within modern financing can then be quite cruel.
What they've come to assume because of what they've seen and heard on the majority of TV home reality shows have led viewers to believe that changes to their financing are easily and quickly accomplished ... additional funds are easily (and always) secured ... and budgets can be overlooked. When I as their Mortgage Originator must tell them differently, they're stunned or incredulous.
From that point on, for Originators, it becomes a matter of, "Who are clients going to believe"? The very visible TV conglomerate with TV stars broadcasting multiple times a day directly into their home? Or the singular individual Originator on the other end of the phone/text/email telling them things they don't want to hear? It's a real uphill battle.
I do applaud the Property Brothers, Drew and Jonathan Scott, for recently injecting some financing advice and info into their programs ...
While minimal and fairly general in nature (and obviously provided as part of a beneficial partnership with a major lender), the Scott brothers through their actions have started to highlight the importance of mortgage financing (and being educated about it) within home buying and remodeling transactions.
It's a start ...
Fact VS Fiction. That's the drama playing out in these TV home buying and renovating shows each day. The trend being created. And the reality the real estate industry must combat each day ...* Hoping to Buy or Refinance a home in the Chicagoland area? Contact Me! I'll put my 40 years of Mortgage experience and expertise hard to work on your behalf.
I'm easily found at:
Gene Mundt
Mortgage Originator - NMLS #216987 - IL Lic. #031.0006220 - WI License 216987
American Portfolio Mortgage Corp.NMLS #175656Direct: 815.524.2280Cell or Text: 708.921.6331eFax: 815.524.2281
Gene Mundt
Mortgage Originator - NMLS #216987
IL Lic. #0006220 - WI License
NMLS #175656
Gene Mundt, Mortgage Originator, 40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking: #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including: The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin.
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