Posted by: dagmarsands | March 25, 2011

Building Business in 2011!

I have to say that I’ve learned so much today at the Wells Fargo Cinema Meeting
where Brian Buffini was the speaker sharing tips on Building your Buisness in 2011.
Over 26,000 Realtors in 100 theatres all across the U.S. watched Greg Gwizdz share
the information about Lending and today’s Economy.

It’s up to the Realtors to make it happen – to sell a home to today’s buyers. We
have to help homebuyers to make good decisions. Wells Fargo statistics stated
that 92% of their home buyers are paying on time. 8% are behind with payments
and they have to help transition of of those that just simply can not afford to pay.

It takes now 172 days to get a home SOLD that Wells Fargo has foreclosed. Most
of the time it takes 63 days from the time it is listed. In the Financial Reform ACT
discussions are about Freddie and Fannie Mae. Home Buyers will have to prove
ability to repay the loan when they get a loan – DAH… nothing new here but in
today’s reality – many of them can not do that due to bad credit score and
unable to qualify due to loan to income ratios. Also the GSA White Paper Draft
was discussed. This reform will take between 5-7 years and it establishes the
balance between government and private sector.

The overall OUTLOOK in American way of Life and Home Ownership is positive.
Buyers may be ready but many times not financially ready.
Breakdown on homebuyers: Millenials 1979-2001 – 11 – 31 year olds
Gen X 1965-1978 – 32 – 45 year olds
Baby Boomers 1946-1964 – 46 – 64 year olds
in 2004 70% of Americans were Homeowners – We have to get back to the
Responsible Lending. Many Americans today are “Underwater with their loans”

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