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The housing market is certainly a tough one right now when it comes to inventory. Supply is very limited. Builders are not building enough homes to meet the demand and, in accordance with the basic law of supply and demand, prices are continuing to rise. For some, that could provide opportunity. But, how can you make sure you fall into that category?
It's all about making sure you are in the right markets. While some select markets will see a drop in prices, most markets will by far see an increase in prices. Most markets, we'll be seeing increases of five percent to seven percent, will some markets even increasing up to 18 percent. It pays to be vigilant. You've got to be monitoring home prices in various locations on a daily basis to see where you need to target the marketing for our organization.
More than ever, we need clarity with regards to who are target customers are. Marketing research should be a top priority for all lenders in today's market. You simply cannot afford to guess about where the opportunities lie. Those who succeed in a market of limited supply will be those who are able to acquire the best information and to act on it quickly. If you want a piece of the market, you've got to know it inside out.
David Lykken, a 43-year veteran of the mortgage industry, is president of Transformational Mortgage Solutions (TMS), a management consulting firm that provides transformative business strategies to owners and “C-Level” executives via consulting, executive coaching and various communications strategies. He is a frequent guest on FOX Business News and hosts his own weekly podcast called “Lykken On Lending” heard Monday’s at 1:00 p.m. ET at LykkenOnLending.com. David’s phone number is (512) 759-0999 and his e-mail is David@TMS-Advisors.com.