- Don't "turtle up" just because you don't know what to do with a changing market. While there's still time, you can get ahead of the housing correction by learning the skills necessary.
- Don't rely on reports of foreclosure filings to tell you what the market is doing. The foreclosure filings are an "after the train has left the station" indicator.
- Don't hide from the facts. Learn to be of the highest service by learning all the aspects of the changing market: short sale, REO and BPOs.
We’ve been saying it for two years now: the changing market is coming!
Well, the numbers are out, and if you thought we were blowing smoke, it’s time to step out of denial.
In CNBC’s article, “What’s behind a sudden foreclosure spike,” it was revealed that the number of properties with a foreclosure filing (including notice of defaults, scheduled auctions and bank repossessions) jumped 27 percent in October compared to September, according to Attom Data Solutions.
What’s interesting to note about this is that in the states where foreclosure filings are up, the loans are not tied to the 2007 crash, but are tied to loans handed out by the government since 2009; 3.5 percent down, low credit, FHA/VA loans.
The CNBC report also showed that 28 states and the District of Columbia posted year-over-year increases to overall foreclosure activity in October — again, mostly new loans!
Now’s the time, agents. Don’t hide from the facts. While there’s still time, get out denial and get into action.
Ask yourself this: If you knew back in 2006 for sure that the next three years were going to be one of the most challenging housing markets ever, what would you have spent your time and energy doing?
The opportunity — yes, we said opportunity — is here again. Take in all the facts of today’s podcast and the revelations in this article, and start making your plan to be of service, no matter what the next few years look like in your market.
Subscribe to Tim and Julie Harris’ podcast on iTunes or follow us online at realestatecoachingradio.com. Tim and Julie Harris have over 20 years’ experience in real estate. Learn more about their real estate coaching and training programs at timandjulieharris.com, or request more information about their programs at joinharris.com.