If you’re hoping for this year to be one of your best as a Real Estate professional, the tea leaves are calling your name this spring! Here are four reasons why this is the perfect time to focus on purchase loan volume.
1. Buyer demand is very high.
Buyers are very active in the market right now. The average number of home showings on residential properties have increased over 50% since this time last year. A competitive housing market means motivated buyers.
2. Inventory is low.
Agents can’t keep homes on the market due to the fevered pitch of buyer interest. There are over 400,000 less active listings on the market this year compared to the same time frame in 2020. Homes are selling in approximately 3 weeks according to NAR.
3. Sellers have the power, but they are motivated to make a deal to take advantage of market conditions.
Demand outweighs supply right now which gives the seller the upper hand, BUT, sellers realize this may not last and are looking to make a move when faced with multiple offers (averaging 3.7 offers per house according to NAR) knowing they are getting top value.
4. Sellers want to take advantage of equity.
Home values have risen over the last year with sellers realizing a $17k uptick in equity according to CoreLogic. This may motivate some people to sell their current home and upgrade, giving loan professionals 2 shots at closing a deal by working with the buyers of the existing home or with the sellers purchase of their next McMansion.
Timing is perfect to reset your focus on purchase loan volume and create and nurture long term relationships with real estate professionals, so you’ll be positioned to take advantage of the favorable housing market. RatePlug, an MLS integrated marketing tool, is the perfect solution for loan officers looking to work with more Agents.
RatePlug is made available to real estate agents through their local MLS as a benefit covered by their dues or fees which permits RatePlug to provide services at no additional cost. Local mortgage loan officers wishing to partner with their Agents pay a license fee for the service. MLSs, lenders, real estate brokerages and agents interested in RatePlug can learn more at www.RatePlug.com or call toll-free 1-877-710-0808