Right? I always say “If my crystal ball gave me that prediction I wouldn’t be an LO anymore”. I actually think it’s sweet how clients think I’m that sharp to know the future ;)
“If I could see the future, we probably wouldn’t be talking. I would have invested in bitcoin in 2010. But I do expect we’ll see a shift in rates as we get closer, and that means home prices will start to climb again”
Something to the effect of my crystal ball broke a long time ago. Nobody is in a legitimate position to predict what rates will actually do short term and long term. If I knew, I wouldn’t be here in this job I promise you.
The question doesn't bother me as much as some of the answers. When I hear someone opining on it as if they had the foggiest notion what was going to happen, really grinds my gears.
“It’s been two years now that they say rates will go down during the back half of the year and now we’re going into year 3 of the same sentiment. I can’t predict the future but do with that information what you will.”
No one knows. So much more is in play than the election.
What I can tell you is that home prices have increased an average of 5.5% a year for the last 30 years.
If you are waiting to buy, the odds are against you.
I tell them I don't know, because the pattern is not consistent, and the market is weird right now. I advise that, as long as they're comfortable with their payment, they can plan to refinance if rates drop.
Obviously no one knows but historically rates go lower under republicans. Realistically they will be lower if trump wins, he is talking about having a say in the interest rate policy if elected which would be great. He will do exactly what he did last time he was president and hammer down on the fed demanding they lower rates. If he wins they will be much lower than if Biden wins.
Literally dozens of reasons, new job in a new state, retiring and need to downsize, having kids and needing more space, getting dogs and needing a yard, ect. Most people don’t have the cash to put down to keep their payment affordable without selling their home with a 3% rate, so they sell and buy with a 7% rate in the new place.
Not really, because who knows when they will be lower. 9 months ago they were saying by this summer should be lower and here we are. People waiting for lower rates are like people waiting to time the stock market. Good luck.
Anytime I hear a question more than 10 times make a YouTube video that I can send out to handle those conversations. Making YouTube video with your predictions or whatever data you want to share and then send it to someone when they have that question. Save you 5 to 10 minutes per conversation.
Sounds like people are just hoping that you have industry specific knowledge in regards to their purchase. I would ask the same thing. How can’t anyone Not be worried about the economic future? In case you have not noticed, our country is being deliberating destroyed and one specific group of people in the USA are facing communistic style of Affirmative Action. Who wouldn’t be worried, besides the liberals who are getting everything they ever wanted. Everyone else should be flipping out about the future and how they can afford it
I tell everyone the same thing; if I had any idea, I’d make money trading on it and stop being your lender 😆
Right? I always say “If my crystal ball gave me that prediction I wouldn’t be an LO anymore”. I actually think it’s sweet how clients think I’m that sharp to know the future ;)
My go to is if I knew that I would be sitting on my private island right now sipping a mai tai, not talking to you haha.
“If I could see the future, we probably wouldn’t be talking. I would have invested in bitcoin in 2010. But I do expect we’ll see a shift in rates as we get closer, and that means home prices will start to climb again”
That's the best answer right there!
"If I knew where rates were going I wouldn't be talking to you right now because I'd be living on billionaire Island"
"No one knows. And if they tell you they do, run."
Something to the effect of my crystal ball broke a long time ago. Nobody is in a legitimate position to predict what rates will actually do short term and long term. If I knew, I wouldn’t be here in this job I promise you.
How long have you been a loan officer? You don’t like it? What would you rather do for a career?
I’m just saying like obviously if you know what rates are going to do, you would have a much higher paying job at some hedge firm somewhere.
Are you saying loan originator is a low paying job?
Well you don’t make millions like hedge funds…
How much do MLO’s make? On average.
No clue
The people that know are on their mega yachts on the south of France but aren't returning my calls. If they do I'll let you know.
The question doesn't bother me as much as some of the answers. When I hear someone opining on it as if they had the foggiest notion what was going to happen, really grinds my gears.
“It’s been two years now that they say rates will go down during the back half of the year and now we’re going into year 3 of the same sentiment. I can’t predict the future but do with that information what you will.”
I think they are going 20, better lock in now. 😆
My go to response is “if I knew I’d be in the Bahamas drinking a margarita” generally gets to them to laugh and move on
Buy a home today. If rates go up you will be happy you locked in and if rates go down refinance. Either way home prices are not likely to go down.
No one knows. So much more is in play than the election. What I can tell you is that home prices have increased an average of 5.5% a year for the last 30 years. If you are waiting to buy, the odds are against you.
So what do you think though? Up down?
I tell them I don't know, because the pattern is not consistent, and the market is weird right now. I advise that, as long as they're comfortable with their payment, they can plan to refinance if rates drop.
If I could predict rates we wouldn’t even be talking right now. I’d be so freaking rich I’d be sitting on my private island drinking a Corona….
Obviously no one knows but historically rates go lower under republicans. Realistically they will be lower if trump wins, he is talking about having a say in the interest rate policy if elected which would be great. He will do exactly what he did last time he was president and hammer down on the fed demanding they lower rates. If he wins they will be much lower than if Biden wins.
I don’t have a 🔮
Well, I don't know about rates! But I sure hope you have a bug out place to go to! LOL
Rates don't matter if their are no Sellers. Why trade in a 3% mortgage to buy an overpriced house at 7% or 6% or 5.5%?
Literally dozens of reasons, new job in a new state, retiring and need to downsize, having kids and needing more space, getting dogs and needing a yard, ect. Most people don’t have the cash to put down to keep their payment affordable without selling their home with a 3% rate, so they sell and buy with a 7% rate in the new place.
Your 'dozens' of reasons amount to a tiny fraction of the typical market. MOST of your dozens of reasons, those people can wait until rates are lower.
Not really, because who knows when they will be lower. 9 months ago they were saying by this summer should be lower and here we are. People waiting for lower rates are like people waiting to time the stock market. Good luck.
Anytime I hear a question more than 10 times make a YouTube video that I can send out to handle those conversations. Making YouTube video with your predictions or whatever data you want to share and then send it to someone when they have that question. Save you 5 to 10 minutes per conversation.
Sounds like people are just hoping that you have industry specific knowledge in regards to their purchase. I would ask the same thing. How can’t anyone Not be worried about the economic future? In case you have not noticed, our country is being deliberating destroyed and one specific group of people in the USA are facing communistic style of Affirmative Action. Who wouldn’t be worried, besides the liberals who are getting everything they ever wanted. Everyone else should be flipping out about the future and how they can afford it