The last year, and especially the last few months, has proven to be very tough for those people in the real estate and mortgage industries. Our clients have also suffered as mortgage underwriting guidelines have tightened making it harder for lots of good people to get loans that were, until recently, readily available. With declining home values throughout the country and a record number of A.R.M. resets scheduled to occur over the next couple of years, the mortgage industry in particular will face unprecedented challenges. Of course, things are not necessarily any better for real estate professionals as they are often at the mercy of tight underwriting guidelines as well as the public perception that when it comes to buying real estate, it is better to wait than to act now.
With this in mind, it perplexes me that people in our industries want to stand alone and act as if they don't need the help of every available resource. As a Mortgage Planner, I rely on financial news from many different sources. I also welcome the ideas of the various mortgage loan officers I know to get their take on a wide variety of issues. Furthermore, I seek out the views of Realtors relative to their perspectives on the housing market and the strategies they are using in today's challenging market. I want as much information as I can get my hands on because I believe that will help me provide the best service to my clients. In the end, their success is paramount because that means I have succeeded.
As the title of this article says, we are all in this together. I think the way for us to come out of these tough times is by using each other as a resource. By sharing strategies and knowledge, we can help each other succeed. The people you have relied on over the years may or may not be a great resource; however, it certainly doesn't hurt to increase your resources and give yourself every competitive advantage available. The more knowledge and strategies for success that you can offer your clients, the more likely you are to earn their business.
Now is a great time to buy real estate. It may be a great time a year from now as well (20 years from now buying real estate 10 years from now will probably be a great deal). What we know is that there are lots of great deals to be had now and there probably will be for a little while. Why not help our clients take advantage of these opportunities both for purchasing move-up homes as well as investment properties? By doing this, we position our clients for great financial success down the road and we set ourselves appart from the average sales people out to make a buck. If potential homebuyers meet with qualified mortgage professionals (preferrably a good Mortgage Planner) before starting the home-buying process, they can become educated relative to the entire process and they will know from the start if they qualify for a mortgage as well as the amount. This is especially important in states like Nevada, Minnesota and Colorado who have all recently implemented new laws regarding Stated-Income loans.
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