If nothing else, 2022 has shown that a tumultuous and uncertain housing market is here to stay for the foreseeable future. Homebuyers are working with their teams to navigate rising interest rates, fluctuating housing prices, and limited overall housing inventory. This year, sales started strong, but the second half of the year proved that mortgage lenders will have their work cut out for them in 2023.
Despite industry woes, it’s expected that consumers will continue to purchase new homes. However, many will be doing so with increased reliance on financial partners and real estate agents for strategic guidance and counsel throughout the process.
For decades, mortgage lenders or loan officers have worked closely with real estate agents — both providing a critical role in the process of getting buyers into new homes. The critical relationships between these two sides of the equation have historically been reliant on referrals and networking. As the market for mortgages continues to be increasingly tight, the traditional approach of buying lunch for the agent and leaving a mortgage rate sheet behind may no longer be the strongest strategy for lenders.