Major Takeaways From “It’s a Good Life” Bonus Podcasts
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Since the Coronavirus pandemic began, there’s been a lot of confusion and misinformation in the media and the marketplace. To bust the myths and give you the facts, we’ve been bringing you bonus episodes of “It’s a Good Life”these past couple of months. By interviewing the experts and providing you with the latest data and research directly from the best sources, we’ve been here to guide you through this crisis and help you be ready to get back in the race when the time is right. Here are some of the highlights and the most valuable learning points from these special episodes:
This Too Shall Pass
These are unprecedented times in our history, but we have to remember that we’ve already faced and conquered many crises in the past. My bride Beverly always says, “This too shall pass,” and this is something Dr. Lawrence Yun, Chief Economist and Senior Vice President of Research at the National Association of REALTORS® (NAR), spoke on when I first interviewed him in March. Dr. Yun told us that both the economy and the real estate market are in strong shape and will bounce back. With mortgage rates at historic lows and an inventory shortage going into this situation, he believes that once the all-clear is given, there will be a robust rebound in people searching for homes, a belief echoed by many of the experts I spoke to.
Home is Where the Heart Is
Homeownership is a cornerstone of the American Dream, and right now it means more to people than ever before. When I interviewed Dr. Ben Carson, United States Secretary of Housing and Urban Development, he reflected that owning a home gives people peace of mind and allows them to grow and plan in a place they can call their own. NAR President Vince Malta later said that people are viewing home as a safe haven right now and so will want to invest in their property more, or even buy a new one. The general consensus amongst the experts was that there will be pent-up demand when this situation passes. After spending so much time indoors, many folks have realized that their home is less of a castle and more of a sandcastle crumbling around them – and they are itching to move!
David Stevens, Chief Executive Officer at Mountain Lake Consulting, Inc., and former CEO and President of the Mortgage Bankers Association, believes that millennials will be central to a housing market rebound. The pandemic has given many renters the chance to re-evaluate and they’ve decided they want to buy. Once they return to work, the market will get a kickstart.
Help Is Out There If You Need It
A number of the bonus podcasts touched on programs designed to assist those affected by COVID-19 and how people behind the scenes are working to help. Shannon McGahn, NAR Senior Vice President of Government Affairs, described how NAR represents real estate on Capitol Hill and how the CARES Act will help the industry. She also told how pandemic unemployment assistance is there for those who need it and how lending institutions can service small business with loans. Ken Trepeta, President and Executive Director of RESPRO®, spoke about what Congress can do to help home buyers and sellers and advised on the use of forbearance. Meanwhile, Dr. Ben Carson and Brian D. Montgomery, Assistant Secretary for Housing and Federal Housing Commissioner, addressed initiatives to cease foreclosures and evictions and outlined what homeowners can do if they’re struggling to keep up with mortgage payments.
It’s vital to support average homeowners who want to purchase at the moment. Michael DeVito, Head of Wells Fargo Home Lending, explained how banks are processing mortgages right now and David Stevens gave clarity on the tightening of minimum requirements for mortgage qualification and when financial institutions will begin to readjust their credit parameters back.
Real Estate Professionals Continue to Be of Value
As buyers and sellers seek expert advice in the post COVID–19 market, there will be an even greater need for professional real estate services in the future. Vince Malta was vocal on this, telling how REALTORS® are extremely resilient and adaptable, finding ways to help their clients and making things work in the most adverse situations.
Meanwhile, in my second interview with him, Dr. Yun emphasized how agents are working hard to navigate this challenging environment, saying that trying to purchase a home and get the deal done is safer than visiting the grocery store. Ken Trepeta echoed these sentiments, remarking that, even with impediments, people were closing deals. All over the country, agents are going above and beyond to meet social distancing practices and sanitary measures to keep clients and colleagues safe.
In these uncertain times, you need to be ready to face all sorts of challenges. Prepare for what lies ahead by arming yourself with the facts and focusing on getting 5 Circle Fit in all five circles of your life: spiritual, family, business, financial and personal. If you take these steps now, you’ll be on track to get a rolling start back into your business, meet the pent-up demand in the marketplace and provide even more expertise and value to your customers going forward. “It’s a Good Life” can help – tune into new episodes each week and remember…this too shall pass!
