Sue Horchem has been with our group since January 2008. She reactivated her license in the early spring of 2008 when I needed a new assistant and someone to organize us (and by us I mean me). She has been training ever since, learning all the nuances of this crazy business. A few weeks ago she innocently asked (after we had put out one of many real estate “fires”) if there was ever a routine deal. My answer was an emphatic “No!”
Of late, it does seem that everything real estate related is difficult.
Buyers don’t understand that the Tyler market is not like the Michigan, California or Florida markets. Houses are selling here and yes, we still have occasional bidding wars on well priced listings. You can’t just come in and offer 80% of the asking price and not expect to annoy the seller.
Sellers still think they each have the best home on the market and that it is worth every penny they are asking for it. They don’t understand that they currently have more competition in the market place than there has been since I got my license almost 15 years ago. The whole market dynamics have changed.
And that brings us to the Lenders and all the problems they bring to the table. In spite of all the “stimulus” money, they are extremely stingy with clients who are some of the most qualified they have seen in years. I told one of my buyer clients Friday to not take the situation with the underwriters personally, that they were treating everyone callously. Today’s buyers are being asked to document every penny that comes into their possession, every expense they have incurred over the last 5 years and have every aspect of their lives viewed under the microscope of the loan underwriters. The underwriters then look into their crystal balls and make silly announcements like “we are not going to approve the loan because the buyer might have payment shock.” Regardless of the fact that the buyers have been living frugally so they could afford a home. Our frustration levels mount!
None of it is routine or the same anymore. Every transaction brings it own unique issues to the table. A few days after Sue’s question, I was taking a day off from real estate (very rare) riding in the car as my husband was driving through Dallas to our son’s home. As I was contemplating the current market and issues we were going through, I saw a medical billboard that was the inspiration of our new slogan. Hence “We specialize in a unique real estate experience….Yours!” was created - and is so true!
Hmm. Is it true?