Recharging and Capturing the Opporunties of This Correcting Market

There has been much negative news about the real estate market from media, politicians and even our own industry leaders. It is rare to find positive press. Frankly, I am excited about this market. This is the opportunity of a lifetime!!

Notice the title says "Correcting Market" not bad, scary, challenging, or stressful market? People who have been in the business for 20+ years understand that a correcting market is one of the biggest opportunities you will ever have in your business and career.

The market is constantly correcting itself by adjusting to trends and issues. For the most part, we don't feel these corrections like we are feeling this one. The reason we are feeling it so strongly is because this is a BIG correction. The last 4 years in our industry have bordered on lunacy. The market had to correct itself. The industry vendors who were closest to crossing that line of lunacy (mortgage and lending) are feeling the correction the most. I would even venture to say that the mortgage and lending industries dipped their toes in the water of lunacy.

I remember sitting in my sales meetings with my agents back in 2003-04 listening to mortgage reps share their Mortgage Updates and all the outrageous financing programs designed to help people get a loan who couldn't afford a house much less be able to keep it when their programs changed in 3-5 years. My first feeling was compassion for the buyers who will be very disappointed. There was little I could do except educate my agents on how to coach their buyers and help them understand what they were getting into. After my 5 seconds of sympathy...my second thought was...Oh My Goodness! These programs are going to create one of the biggest corrections we have seen in decades bringing along with it a huge opportunity. I tried to share my ideas back then but people were high on the lunacy pill believing that crazy market would last forever.