Another benefit to our current market.

August 14, 2008

The Oregonian ran an article last Sunday titled the “Real estate’s vocabulary expands: Defining Market Realities”.  For a complete review of this article go to:

http://www.oregonlive.com/realestate/oregonian/index.ssf?/base/homes_real_estate/1218227111271700.xml&coll=7#continue. Though the “vocabulary” today’s Buyers need to comprehend that the article refers too is valid.  What got my attention was in the middle of the story it refers to the fact that the terms of our industry are “intimidating” and “unfamiliar”.  Of course these terms can be.  If truth be known, these terms are “intimidating” and “unfamiliar” for some of our peers in the industry.  It states that,” Many of these professionals say they’re spending more and more time decoding unfamiliar terms and concepts for their clients.”  Is this a bad thing?  Isn’t that their job?

 

I think we can all agree that if the time these professionals are now spending with Buyers was spent over the past few years the mortgage crisis would not have ended up like it did.  Too many Real Estate professionals let Buyers get into mortgages and they did not understand the realities of the terms that they were accepting.  Buyers were so excited to be able to buy a home that if they were told they were approved for a loan they jumped on it.  With everyone so busy few took the time to explain to those Buyers what they were committing to.

 

I have been licensed as a Realtor here in the Portland metro area for over 22years, as well as building, developing and rehabbing over the years.  I thought that was our job as Real Estate professionals to “inform” and “educate” our clients to insure that they are making informed and educated decisions when buying and selling.  I expected it from the escrow officers and lenders that I worked with as well.  It appears to me that if this is what is now happing in the market place then this should only be taken as a good thing for the consumer. If things have slowed down enough that Brokers, Lenders and Escrow officers are actually servicing their clients like we used to, then once again the consumer benefits from market change.

 

With so many opportunities arising in our current market for the consumer like incredibly low rates, great selection of inventory and motivated Sellers this is just one more reason for taking advantage of this Real Estate market.

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