2018: Surge of Home Buyers!

Being a rebound isn’t the best thing to be when dating someone, but it’s never a bad thing when put into the real estate context.

There are plenty of people on the rebound that mortgage officers and realtor partners should be fancying.

Online information by RealtyTrac estimates that seven million people lost their homes across the country during the recession. Considering their circumstances and remembering that it takes several years to repair credit history and be eligible for a loan again. The home buying pool is about to get a bit more crowded now that enough time has passed.

People have come back from the dead and ready to buy homes again, and the peak is supposed to be in 2018 when a giant wave of 1.5 million people will be eligible for loans. Loan officers and realtors will be working overtime with this many new people in the market.

This influx of buyers will keep MLO’s and agents on their toes, so here are a few things for them to remember.

Reaching out to renters

The amount of inventory available for first time home buyers will be quite minimal. They simply won’t be able to afford bigger homes. Increased competition among home buyers has created bidding wars and drawn out the time it takes to close a deal with so many options for the seller to consider. Adding a giant number of people to the equation could intensify this already gritty process.  So the professionals need to make a plan, implement it the best way possible, and actually hold their feet to the fire.

Hailing homeowners

Taking a close look at equity position means they will have to contact current home owners and past clients. They should take a look at area appreciation and goals for the next decade. Reach out to the homeowners should spark them to start buying more real estate, so they should be ready for the tidal wave of 2018, and they can pass on their knowledge to the sellers on how best to get their home ready to sell.

It’s awesome to hear that those who were hit during the recession are finally getting back on their feet, sand the world they are entering into is gaining momentum in strength. The standards are higher, and the service is better than it was before the downturn.

The service level is all about keeping the public informed on the condition of the market. Detailed trends of what is happening give great insight as to what could happen in the near future.

Everyone should take advantage of the resources of the real estate market and lending professionals. Stay on top of your personal finances, property values, and options during this ex citing time in real estate and see where it can take you. It’s in your best interest to do it for yourself, and you deserve it!

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