“Mortgage rates dropped even further this week as two main factors affecting today’s mortgage market became more favorable. Inflation continued to ease while the Federal Reserve switched to a smaller interest rate hike. As a result, according to Freddie Mac, the 30-year fixed mortgage rate fell to 6.31% from 6.33% the previous week. The monthly mortgage payment for a home loan of $400,000 is currently $2,480 compared to $2,680 five weeks ago when rates were above the 7% threshold. Although mortgage rates are more than double those of a year ago, home prices continue to be higher than the previous year due to limited inventory. Looking at the housing supply by income level, buyers earning $75,000 face the most significant housing shortage compared to any other income group. In a balanced market, these buyers should be able to afford half of the homes listed for sale. However, these middle-income buyers…
Posted On Thursday, 15 December 2022 10:25 Written by
Mark Seiden was born to become a real estate leader and professional coach. As a graduate of Cornell University with post-graduate credentials from the University of California-Berkley, he began his career in 1993 at Lois Seiden Real Estate of Westchester County, New York, and was the agency's top agent each year until it was sold in 1997.  He continued his ascent by earning a position as the Number 1 Agent for all of Westchester County at Coldwell Banker Residential Brokerage for five consecutive years (1997-2002). In 2003, he founded Mark J. Seiden Real Estate, Inc., rebranding it as the Mark Seiden Real Estate Team in 2008.  Since 2004, Mark was and continues to be ranked among the Top 3 Agents for selling single-family homes in all of Westchester/Putnam Counties (over 10,000 agents) - ranking Number 1 in 2008, 2014 and 2015.  A natural mentor and gifted communicator, Mark and his…
Posted On Thursday, 15 December 2022 00:00 Written by
It appears that cold calling Realtors is back front and center with those mortgage people who never learned how to establish and build relationships. The ads and clips on social media hyping the possible rewards of making “100 calls a day” to agents in your market trying to establish a contact and a potential relationship are enough to give anyone pause to ask a few questions, like: 1. Are there even 100 Realtors in your market worth talking too? 2. Do you know who these people are and what their production is? 3. Do they control any business you would be interested in? 4. Are they more focused on listings or buyers? 5. Do they have a team or are they part of a team? 6. Does their company or branch already have a committed relationship? 7. How many other lenders are doing the exact same thing? 8. What are…
Posted On Monday, 12 December 2022 00:00 Written by
December can be very exciting as well as frustrating; it’s really a choice. With all the holiday celebrations, completing the old year while preparing for the new one can get very complicated if you don’t take time to prepare and prioritize!  We deal with an overcrowded social schedule, serious demands placed on our professional obligations, the end of year for our numbers, our referral partner’s numbers, and all the emotions that go with them. One of the keys to help manage and actually enjoy these last days of 2022 is at your fingertips; just prioritize and schedule the things you want and need to get done in advance, and don’t fall victim to “slipping in” additional commitments of your time and energy! First list is the list of family and friend commitments. Parties and gathering Concerts Traditions both old and new Undivided attention Celebrations Now comes the professional obligations Professional…
Posted On Monday, 05 December 2022 00:00 Written by
It was nice to see both rates and applications rebound this past week. Contrary to what many in the mainstream media would have you believe, the housing market isn’t collapsing, and mortgage applications have improved. I expect that this trend will continue in the weeks to come, but we are far from a stable market, so if your clients are tight on the payment, it’s always best to lock and protect the deal because we can always refinance later. For those of you that are working this weekend, it is important to be visible! Get out to every open house you can find, stop in at real estate offices, go live on social media, and just be certain that you maintain personal contact with your people. Now more than ever, personal connections generate opportunities!  Last thought for this week is to be sure you start sharing with everyone the last…
Posted On Monday, 28 November 2022 00:00 Written by
Q: “Denise, I am taking your advice and doing some focused lead generation for the next 90 days. I have identified a shortage of small homes (less than 1000 square feet) in a very popular neighborhood just outside the city center. There have been eight listings that have come on the market in the last two months. Seven of those have sold in 4 days or less and all sold above list price. The last one is still under contract and hasn’t sold. What do you recommend I mail to them?”
A: Great question! When you are doing focused lead generation like this, you need to hit them hard with info. Every two weeks for three months is what I have found to be most effective. Here is how that looks: Week 3, Week 7, Week 11: Send a Market Update that includes stats for the larger area or…
Posted On Wednesday, 23 November 2022 00:00 Written by
Uncertainty. Anxiety. Fear. To say you have never once felt these emotions in either your professional or personal life is a fallacy. This basic human instinct is a primordial survival technique implemented unconsciously in direct response to the unknown. In an individual’s personal life, it may come in situations where you take a physical risk, like riding a motorcycle for the first time or going on a roller coaster at a theme park. You know you will likely walk away unscathed from your experience, but your unconscious mind does not know that.
But in one’s professional life, those general triggers of fear all go back to survival in two ways different from the aforementioned adrenaline-filled entertainment experiences. They are money and fulfillment, adding up to what one perceives as success. When you do something professionally, you do it for monetary exchange that the industry places value on, and…
Posted On Tuesday, 22 November 2022 00:00 Written by
We are a week away from Thanksgiving and that means it’s time to prepare for the final countdown of 2022 and the birth of 2023. With recent improvement in the bond market pushing rates lower, we are seeing improvement in those coming in to start the home buying process, as well as those who went to the sidelines and are re-engaging the process again now. A few things you might want to consider taking advantage of these opportunities are: Listen carefully to the client’s expectations and provide information and set priorities. Talk in terms of payments and how monthly payments are calculated. Program eligibility and the benefits and drawbacks of each. Update and confirm all documentation for quick turnaround. Be VERY clear as to your transaction timelines and how long things take. Go over your “Do’s & Don’ts” list. People can quickly drain their assets or overuse credit/apply for new…
Posted On Monday, 21 November 2022 00:00 Written by
Posted On Monday, 21 November 2022 00:00 Written by
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