This was sent to me by one of my lenders, Jason Pike with Waterstone Mortgage. I thought it was really great and wanted to pass it on.
You can either run from the challenge, “by ignoring the present, calming yourself by thinking this will all be over in 3 to 6 months” or you “jump into the reality of today with the attitude of not concerned on how long this will last”. You adapt your business and crush today’s opportunity. This is the time when Rock Star Real Estate Agents and Loan Officers are born. Yes, this is my fourth cycle.
I am sure that you have heard of the difference between Bison and Cows during a Storm. Cows run from the Storm. Bison will run directly into the Storm. The Cows end up in the Storm for a lot longer. Seems like Bisons have a better plan!
We all need to be careful and to not fall into the narrative of the Media. The Media compares today’s Lending and Real Estate with 2020 and 2021. Let’s face it, 2020 and 2021 were gifts given by the heavens to the Real Estate World. The real comparisons should be now to 2019. In the last two years we faced the challenge to facilitate the Buying Process and Loan Process. It was challenging. Now the focus has quickly changed to Interest Rates.
Our Business is to provide Shelter. Forget about Interest Rates. Ask your Purchasers, “Do you need a place to live?” “What can you afford?” It boils down to the cost of Shelter – either rent or own. You need to be “the” competent Advisor. I sure try to be. In Lending is comes down to Advice verses Price.
A study reviewed a sales group separated by Optimists, Pessimists, and Realists to determine which would have more success. One may suspect the Optimist would be the clear winner. Wrong – the Realists had the greatest success. The outcome boiled down to presenting real-time challenges backed by facts. They prepared and shared the current situation.
We have all heard/experienced that some Buyers may think, “WE ARE GOING TO WAIT FOR RATES TO COME DOWN.”
In a way, I don’t blame them for thinking this way. However, if they wait for lower Interest Rates, they will likely join a huge crowd of thousands of others in the market, just like them who were also waiting for lower rates. We need to hope that there will be enough homes for all of them and priced right. They will need to be prepared (as we experienced over the last two years), as it may be very difficult for them to compete without a large down-payments. Wouldn’t prudent thinking be, it may be better to get in a Home that you want now, negotiate a lower price while there’s far less competition. Then when Interest Rate “that they were waiting for to arrive” they can refinance. This sure seems like the better strategy to me. Assuming homeownership is important to them.
Knowledge is King and fundamentals have never been as important.
Give me a call so we can discuss what is right for you at this point.
Mary Cockburn/505-639-2090/MaryCockburn.Realtor@gmail.com
