Remembering the Bright Side in Today’s Mortgage Environment
Life events are going to happen whether interest rates are 2% or 20%. Americans still get married, divorced, have kids, take in older parents to age gracefully, build home businesses. Post pandemic, the millennials are coming of age financially and the boomers are letting go of the reigns (even if reluctantly), wealth will transfer, and housing will be central to this transformation.
Owning a home is the most consequential investment most Americans make. It is not just financial, it is emotional. In the hierarchy of needs basic to human existence according to Maslow – owning a home could be considered a staple in all 7 needs of the pyramid.
It’s never been more important to remember why America is great and why home ownership is important. It’s not simply about “the Benjamins, baby”.
The loan officer who understands and adapts both messaging and their behavior to focus on human being’s NEEDS rather than rates will increase their footprint -ie increase market share.
The technology company that isn’t afraid to say “no” to something that doesn’t serve either their customer or the consumer NEEDS will increase market share. Build a better product for the borrower and the lender will follow.
Don’t waste the crisis – use it to gain market share, streamline redundancies and ultimately serve all 7 needs of every American. Here’s the bright side of where the market is for anyone willing to adapt.