Bidding wars and loan delays. How have these impacted you?
The lending side of our industry was turned on its ear back in January with the implementation of CFPB Title XIV and what we’re commonly referring to as QM. If you’ve been paying attention and how could you not, you or somebody you know has been impacted by QM either by loan denial, loan delay, or loan “Oh-my-gosh-you’re-asking-for-what-else”? Now with a few months under our belt, we’re adjusting to the new way of lending and how to manage expectations and be better prepared and most importantly, prepare our clients.
What can be said about this unprecedented lack of inventory? Two years ago, buyers had their choice of the market and they were in total control. Today, this is not the case. Buyers are competing in bidding wars and they are writing letters trying to persuade sellers to choose them. Sellers are now able to pick and choose who buys their house. Agents who in the past only worked with buyers are now jumping ship and heading to the listing side. Earning a listing is getting tougher and tougher. We understand you must be more creative to stand out among other realtors, and the team at Canyon Title is here to assist you. For your next appointment, consider taking along a detailed Marketing Report. This will keep you ahead of the competition and you will have the knowledge of the market from the past six months. If you’re farming a neighborhood, an Executive Summary packs a punch and is likely to WOW your prospects. They will know you have done your research and are serious about buying. Contact your Canyon Title Account Executive today to learn more.
We’ll see you at the next closing.
Your Canyon Title Team