THE MODERN M ARKETER
ASK THE
EXPERTS By
TARA HEALY
UNCHARTED WATERS KEEPING FIRST TIME HOMEBUYERS COMPETITIVE IN THE MARKET
H
omeownership. It’s a simple word, yet it represents so much for many. Homeownership means much more than owning a structure built with wood, nails, and drywall. For most, it’s a feeling that produces an emotional response like no other. It’s a symbol of autonomy, accomplishment, and the opportunity to build generational wealth. It’s easy to understand why the goal of homeownership is indeed an integral part of the American dream. But is achieving this dream in jeopardy? A recent article from Fortune.com reports that housing inventory
“has fallen dramatically since the pandemic,” from 1 million active listings to just a little over 400,000 between January 2020 to January 2022. Interest rates have increased sharply from last year as well, significantly impacting a consumer’s buying power. Home prices have also increased which has diminished consumers’ ability to buy. In fact, National Association of Realtor (NAR) Senior Economist Nadia Evangelou recently projected that nearly 13 million households will be priced out of buying a home this year. As mortgage professionals, we have a unique opportunity to serve our customers and help them realize their own American dream. But how do we do this effectively in today’s market? How do you serve your community and keep your business afloat with higher mortgage rates, high home prices, and the current economic environment? What happens when first-time homebuyers are having issues qualifying for a mortgage or competing with other homebuyers? I had the opportunity to pose these very questions to an amazing group of professionals. Their responses not only provide insights on what they’re doing but deliver a message of hope. Like true mortgage professionals, we are a nimble bunch and are experienced in adjusting our sails. I hope you enjoy reading these perspectives and can glean insights that will be useful to your business.
CINDY ERTMAN
CEO & Founder of The Defining Difference and Mortgage Master Pro From my tenure in the mortgage industry and working through many
MORTGAGE WOMEN MAGAZINE • Issue 3, 2022
19
