The answer to that is something that lot of people are waiting for, and besides that everyone is anxious to see how things is going to fall in place, knowing that mortgage brokers and mortgage bankers loan officers are not a breed that enjoy the corporate way of doing business, and knowing that the big banks are not going to be hiring any new people due to the fact that they are going to be hammered with employment applications by loan officers, and that’s when crisis rise again and create more trouble in this industry.

I see another wave of crisis for the mortgage industry that is coming, and this time it is going to really hurt and take little longer for everyone to adjust, also it’s going to reflect some unemployment and some financial crisis to some more people that are working hard and surviving out of today’s mortgage industry, the question is when is the crisis going to end for the people that are struggling to survive in today’s economy and decided not to leave the mortgage industry and decided not to work for the banks.

I believe the answer to that, would be for the mortgage brokers and mortgage bankers to give more then what the big banks are giving to the public and to the real estate industry. It’s a simple philosophy give and you will get much more in return. We have set our path for 2011 strategy and the execution of our strategy will begin in January 15th of 2011. Our strategy will create opportunities for real estate agents to have more business and develop for them a strategy for continuous growth in return to have a massive bonding strategy between the real estate agents in our market with our loan officers in exchange for the value that is provided by the services and the strategies we bring to our industry. All we would like to ask for the loan officers, the mortgage brokers and mortgage bankers that are in the industry and they are facing some financial trouble or facing frustration of growth and development for their office or their company to join us on Facebook and join our company so we could put our hands together and promote what banks can’t promote, give the public and the real estate industry something that has never been provided and asking nothing in return.

Our formula for success in 2011 is the way of conquering markets, it’s the new way to conquer this industry lets come together and turn this industry to our benefit and show the banks how hard it is going to be for them when we are taking their business away, and how much this industry is in a need for our breed of professionals.

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The largest hurdle for Real Estate is buyer confidence. There are a variety of reasons buyers are on the sideline, some obvious and some subtle.

1. They financially are unable. This problem is based on personal debt, concern about the economy and job security. Not much will happen here until a direction and plan emerge form top leadership.

2. Depreciated value of current property owned. Buyers will have to believe that they can recoup any depreciation they might incur in selling when purchasing. Right now, well priced homes that are in great condition are selling. Buyers are positioned to buy the best of the best and great pricing.

3. Fear of risk. Confidence in the future is still a big wild card for the qualified buyer. Many buyers that are qualified remain on the sideline conserving cash. Just a few years ago, buyers and lenders believed that Real Estate was insulated from downside risk. The problem is that both lenders and buyers began to speculate in residential Real Estate ignoring that with speculation comes risk. Neither was prepared for a downside market adjustment and now the market is driven by the shattered dream.

4. Low trust in the statistics provided. People simply do not trust the news and statistics they read today. “The Housing market is improving.” Based on what? Are foreclosures slowing, are number of units sold increasing, are sale prices decreasing, increasing or flat? Are the statistics based on specific or US markets? Until there are some sensible facts with definition, trust will be low and fear high. A bad equation for improvement.

So what is in store for 2011? The risk taker buyers and lenders are out of the market. The available buyers and lenders are acting very conservative. As a result, the whole Real Estate Market including builders and suppliers will feel the effect until leadership at the highest level instills enough confidence to offset the fears. At some point leadership may recognize that the best pool for job creation in the Real Estate and Real Estate support arena. If that happens and stimulus is applied properly the whole economy will improve.

Distressed properties will only sell at distressed pricing keeping pricing soft from top to bottom even on the most desirable properties. The number Lenders as well as number of Real Estate Agents, and speculative construction will decrease. This means a bigger piece of the pie for the survivors. Without much speculative housing start, market demand will focus on newer, updated and well maintained resale homes.

Hey Jim,

I agree with your numbers. 2011 down from 2010 in units sold. I think the pricing will still drop a across the board with the more expensive homes dropping significantly. I showed $175- this past weekend. Seventy-five properties matched my buyer’s criterion. Looked at eleven and the list price had dropped as much as $30k. All eleven were available to show. However, the property in the best condition and with the best pricing ended up with two offers right at the reduced list price.

Posted on my blog: http://thoughtsyoucanreallyuse.blogspot.com/
11/17/2010