New Season, New Marketplace?
As we roll up on the first day of fall 2018, it’s a good time to take a look at where we are in the real estate and mortgage marketplaces. Where are we? And where are we going?
For the past several years it has pretty much been just going through the motions. Sure, technology has changed things, but the more things changed, the more they stayed the same. A good rate environment and some pent up demand moved property values back to where they had been and different demographics came to the market.
But the past several years have sort of been like the opening ceremonies of the Olympics. You know the part where all the countries parade in? Each entering the stadium with its own fanfare. Each with unique attributes, strengths, and weaknesses — at least in the eyes of those offering commentary. Then the last country enters and there is this lull as they make their way around the stadium. There is this sense of, “Okay, that was cool. What’s next?”
That is where we may be as the seasons change.
As millennials and first-time homebuyers — who entered the arena only because rates and prices were headed up — make their way around the marketplace, what’s next? Is it the end of the parade? Where do we look for the next group to enter?
Moving forward, finding those homebuyers is likely going to be more competitive. Combining technology and mortgage product base to be competitive is Embrace’s current focus. We are more than ready.