I've been focusing on the mortgage market heavily this month because August and September were very tough for many Texas real estate buyers, agents and sellers. Inventory is up, home sales are down and the ability to obtain a mortgage has been tougher.
GOOD NEWS THAT "SOUNDS" BAD
As expected, a great deal of Texas real estate agents, investors and loan officers are leaving the business. While this sounds like bad news, it's actually good. In our shifting market, sellers have to price homes well and buyers must meet more strict lending guidelines. Agents and loan officers who were previously under-performing really have to step up their customer service.
PREDICTION
Last year was feverish with speculation and lax lending guidelines. The initial shock of staunch lending guidelines this summer will slowly fade. In a perfect scenario, the most serious Texas real estate buyers, investors, agents and loan officers will be left standing, creating a win-win for motivated sellers.
Listen to the Millionaire Systems Podcast- Investing in the Mortgage Meltdown.
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