3 Big Things: Inflation rate is rising and rising, I have your back and Register for our Youth Outreach class on 4/13.

Hey there, it’s Bruce Woodburn with CrossCountry mortgage and it’s time for the three big things you need to know. Now pay close attention because there’s a lot of stuff happening in the market. I am gearing this mostly toward real estate professionals, but this information is pertinent if you’re considering buying a home. So look, times are getting tough out there. I mean, you can see it on the news, everybody is starting to feel the pain right now.

  1. So here’s the thing, inflation is being reported at about 8% to 8.5% right now. But you know that they based that inflation rate when fuel prices were at $88 per barrel. Where do you think you are now? Over a $130 per barrel and rising every day a lot faster. If you factor that in, we’re actually at about 14.5% inflation rat. That’s higher than it was during the Carter administration. My God, that’s crazy. And you know what interest rates did back then? They went into the high teens, you know, 12, 13, 14, 15, 16. I’ve heard people tell me they were 17% interest rates. Well, it’s not that bad yet, you guys. Every day I come into the office and I’m watching the market and rates just keep ticking up and ticking up and ticking up. It’s like gas prices. So you just be aware of it.
  2. Now for you real estate agents that have concerns about the market, I’ve got a couple of notes for you. First of all, I’ve got your back. When you refer your clients to me, I’ve got your back and I’ve got their back. Why? Because if they keep making offers on properties and they keep missing out on offers, that hurts them and it hurts you and they become discouraged. So we need that client to win and I want to be part of that solution. If you refer them to me, you’re gonna win more often because I’m going to fight for that client tooth and nail. So refer your clients over to me as quickly as you possibly can. Because here’s the thing, I don’t just pre approve a client, I fully approve a client. So when they’re fully approved with me, that means they’ve hit an underwriter’s desk and they’ve got an underwriter’s approval on that. Now I want to seek to remove all contingencies off the transaction to make the seller feel safe and secure. So what I will do, is I will contact the listing agent and I will guarantee the listing agent that when my client is fully fully approved for me through FastTrack that I will guarantee the seller up to $500 per day for every day that I miss that closing. By God, I’m not missing that closing. I’m gonna close that transaction on time. So the realtor wins and the buyer wins. They’re tired of making multiple offers and the seller wins because they know that the loan is under control and the transaction is going to close on time. Now, I’m also seeking for alternatives because what if the appraisal comes in low? Come on, half of them are right now. I heard 80% of appraisals in the United States right now are coming in under contract price. It’s not the appraisers fault guys. It’s because the market’s going up faster than the appraisers can use comparables for them. So it’s going to happen. I’m seeking to remove every contingency that I possibly can to strengthen my buyer and make sure that they’ve got funds available to be able to make up the difference if that is the direction that they want to go in. I will personally make that phone call and guarantee that transaction.
  3. And the third big thing you need to know is don’t forget my outreach class for youth that I’m teaching on April the 13th. This is going to be helping young folks understand the importance of having a checking account, building credit, starting your first credit card and responsible ways to maintain a first credit card. I also want them to understand what homeownership does versus renting. This way, when they get out of college and they’re ready to really embrace that adulthood and get a job they can be productive people in society. There’s a lot of things that I find that young people just don’t know right now or they don’t think it’s that important. I’m going to help them understand that. So I’m looking for you to be my bird dog. I need teachers, pastors, youth group leaders and folks that have young adults in their life that are currently renting or that are 15 to 32 years old. So I want to start helping teach them about credit and responsibility now. So that’s April 13th 6pm, Zoom. Go to, WeBringYouHome.com and I’m going to get these this next generation whooped into shape so we can help them be productive people in society.

Those are the three big things you need to know, Bruce Woodburn, CrossCountry Mortgage, WDBO radio signing out. Thanks again.

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