All aboard!!! The real estate Crazy Train is always accepting passengers.
It is a 'Crazy Train' to be on. Anyone in the market for real estate or a mortgage will at some point jump on board whether they want to or not. What about those of us in the industry providing those real estate and mortgage services? Well, we are the conductors with a big smile and crazy eyes welcoming new passengers on board for the journey.
I was reminded of all of the craziness when I saw the following headlines hit my social news feeds this morning.
Overall U.S. housing market numbers are strong as existing home sales are 6% above last year - a result from shrinking inventory and a strengthening job market. Many real estate agents are busy working through multiple offers for listings in a hot market. On the mortgage side, everyone is working through nice pipelines of refinances in addition to the home purchases. Sounds like euphoria right?
Unfortunately not, the hangover from the housing crisis is still looming for many who continue to fight for their homes which are still “underwater,” meaning the borrower owes more than the home is worth. The foreclosure fiasco crushed many families, and many would-be buyers continue to reflect on the experience and are deciding to rent for now.
So what is the average consumer supposed to do with all the housing & mortgage information flooding their news feeds and Google searches? That is a question we will address over the upcoming weeks and months ahead. Information is power and we intend to Empower Homeownership by arming consumers with the perspective they need to answer the questions, make a sound decision and act at his or her own pace.
Despite their inaccuracies, it is undeniable that Zillow and Trulia created Phase 1 of a long needed disruption in the Real Estate Industry. This is an industry that has been horribly resistance to change for well over 50 years. An Inman News article recently announced "once info is out of the bottle, it is like a genie; it is not going back in."
Whats next? The author of the Inman article further states, "expect new massive companies that build on the foundation of the early content pioneers..." I think this confirms it definitely will continue to be a fun ride for those on board the real estate 'Crazy Train'.
I was reminded of all of the craziness when I saw the following headlines hit my social news feeds this morning.
The housing market horror story isn’t over yet.
U.S. Census Bureau data paints a picture that there are currently two housing markets: one for the rich and one for the rest.Overall U.S. housing market numbers are strong as existing home sales are 6% above last year - a result from shrinking inventory and a strengthening job market. Many real estate agents are busy working through multiple offers for listings in a hot market. On the mortgage side, everyone is working through nice pipelines of refinances in addition to the home purchases. Sounds like euphoria right?
Unfortunately not, the hangover from the housing crisis is still looming for many who continue to fight for their homes which are still “underwater,” meaning the borrower owes more than the home is worth. The foreclosure fiasco crushed many families, and many would-be buyers continue to reflect on the experience and are deciding to rent for now.
Wells Fargo launches 3% down payment mortgage.
Meanwhile, the nation's largest lender, Wells Fargo, says it is addressing the struggling side of the housing market with a new low down payment loan. A lower down payment option addresses the segment of buyers with looming credit struggles. In theory, it makes housing more affordable and gives more consumers the chance to achieve the American Dream. Ironically anyone who saw The Big Short or was paying attention a few years ago knows that loose mortgage guidelines helped lead to the housing crisis in the first place.So what is the average consumer supposed to do with all the housing & mortgage information flooding their news feeds and Google searches? That is a question we will address over the upcoming weeks and months ahead. Information is power and we intend to Empower Homeownership by arming consumers with the perspective they need to answer the questions, make a sound decision and act at his or her own pace.
The CEO of Zillow can confirm with his own "ZestiMiss", that online content is lacking to address the consumer's needs.
Despite their inaccuracies, it is undeniable that Zillow and Trulia created Phase 1 of a long needed disruption in the Real Estate Industry. This is an industry that has been horribly resistance to change for well over 50 years. An Inman News article recently announced "once info is out of the bottle, it is like a genie; it is not going back in." Whats next? The author of the Inman article further states, "expect new massive companies that build on the foundation of the early content pioneers..." I think this confirms it definitely will continue to be a fun ride for those on board the real estate 'Crazy Train'.
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