You don’t know you’ve hit bottom until you start to go up

We’ve mentioned in previous posts the importance of buyer perception on the market. While many factors led to the downturn of the market, much of what kept it there was the uncertainty of when it would pick back up.

In the beginning, the uncertainty led to a lack of movement in the market. People did not want to invest in a mortgage, either because they were waiting for lower prices if the market plummeted further, or they were uncertain if their investments would hold value. People were waiting to see what the bottom of the market looked like.

The record-low home prices and interest rates while the market was down provided unique opportunities for those interested in entering the market for the first time, but the lows did not provide long-term benefits that many other homeowners needed. And as we saw with the mortgage crisis, the long-term benefits have the most positive effect on building a successful and sustainable economy.

Recent reports of movement in the housing market are providing positive projections about long-term benefits. The National Association of Realtors reported that the national median existing single-family home price was $186,100 for the third quarter. This is up 7.6 percent from $173,000 in the third quarter of 2011. This increase is the strongest year-over-year price increase since the first quarter in 2006.

Consistent with the National Association of Realtors report, a recent article in the Atlanta Business Chronicle reported that metro Atlanta’s home prices were on the rise in September. Georgia home prices saw a 2.2 percent year-over-year increase.
The national and local increase indicates that the market is finished operating at the bottom and ready to start moving in the right direction.

An increase in housing prices positively influences the market in a couple ways. First, it influences homeowners’ return on investment. One of the most discouraging things for homeowners during the recession was the uncertainty of their home’s worth. An increase in housing prices allows homeowners a more positive outlook on their investments. This more positive outlook on ROI influences more people to sell homes and enter the market as buyers. Over time, this increase in the number of buyers will lead to an increase in home construction.

The influence housing prices will have on the current market will be gradual, so it is important to allow time for recovery. The new reports of home prices increasing are valuable in assessing the direction of the market, but it would be premature for homeowners to make sudden decisions based solely on the recent numbers.

However, for those waiting to hear the worst is over, an increase in housing prices is good news.

Update 2013 - Southeast Mortgage Team

2012 has been a year for the record books with respect to volume and process evolution.  In reflection, huge growth rates are impressive; however, the teams ability to maintain our service standards and the 8-day close during triple digit growth is simply spectacular and a reflection of our FANTASTIC team at Southeast Mortgage.

We have completed the 2013 strategy and initiatives are online for a January 2, 2013 start.  I will provide more detail at our Strategy Kick off Meeting next month.  A few highlights but the cool stuff will be unveiled in person.

üThe 2013 Plan puts SEM on rails with no-uncertainty and new capability on Conventional and Jumbo …..

üStrong Capitalization with Experienced Leadership depth

üOne of the longest standing Georgia DBF Lenders – Largest Non-bank Mortgage Lender in Georgia

üBest Platform for MLO careers in Georgia

üBest Service with 8-day close

üOperations team that adapts to volume with great Service

üBringing support and communication closer to our Referral Partners with new SEM Max Offices

üSocial CRM Team keeping us in front of Referral Sources and Clients

üThe only Non-Bank Mortgage Lender in Georgia with our 2013 capability

After 20 years in this business, the 2013 Southeast Mortgage will be the strongest most capable I have ever seen.

 

The CRM tells me we have huge participation in the "SEM's got talent" contest, so gargle to loosen up those vocal chords, tighten your guitar strings, and polish those jokes.  Cannot wait to see who wins....

Cal Haupt

President and Chief Executive Officer

Southeast Mortgage of Georgia, Inc.

www.southeastmortgage.com

770-279-0222 

Message to the SEM TEAM and Realtor Referral Partners from Cal Haupt, President & CEO, Southeast Mortgage of Georgia, Inc.

With the leadership in Washington finalized, SEM is beginning to execute its 2013 Service and Support Plan for our Licensed Mortgage Loan Originators (MLO) and Real Estate Agent Referral Partners.

2013 technology enhancements, product channels, operations execution, and MLO compensation will be the best structure rolled out in the History of SEM.

A few highlights:

Ø  8-day close will continue to be our service expectation as it was with the 7-day close prior to 2009

Ø  Client Relationship Management (CRM) has a busy year of social events planned and unique strategies to drive clients to our referral partners and MLOs

Ø  New point of sale technology supported by updated best in class website platform

Ø  Enhanced MLO compensation w/ market adaptation capability

Ø  Addition of a Portfolio Jumbo Product Line

2013 will be a fantastic continuation to a great 2012.  I am very proud of our Operations Team, CRM, and MLOs.  If I could think of the perfect Retail Mortgage Solution for MLOs and Referral Partners, I think the 2013 Southeast Mortgage of Georgia, Inc's Strategic Service and Support Plan will do it.

Cal Haupt, President & Chief Executive Officer, Southeast Mortgage of Georgia, Inc.
www.southeastmortgage.com
clientservices@southeastmortgage.com
Phone: 770-279-0222

We are proud of Sybil for her support of our Soldiers

Sybil A. Davis Certificate of Appreciation US Army

www.southeastmortgage.com

770-279-0222

Tales From First-Time Home buyers

We’ve said it before and we’ll say it again: Now is a great time to buy a home. At Southeast Mortgage, we recently had several team members buy their first home. The current market provided each of them a unique and affordable opportunity they couldn’t pass up.

One member of the Southeast Mortgage team bought after renting a home, a concept I discussed the benefits of in a previous post.
“I was a renter for 20 plus years,” the buyer said. “I have always thought about buying a house over the years but just never felt that I could afford the home prices in the area I wanted to be. I wanted to purchase in the same area I was renting in, but the market prices were always higher than other areas in Atlanta. Recently, I noticed a house listed in my area for a price that surprised me. That got me going on the home search and I decided the timing was perfect for me and I got a 30-year fixed-rate mortgage at 3.125 percent.”
This is a common scenario for many first-time home buyers. Renters may fall in love with their location but often find the homes in that area are out of their price range. But with the current market, they may be pleasantly surprised to find a home they can afford in their area.

The other Southeast Mortgage team members took advantage of the market’s low interest rates and home prices as well, but they weren’t so much focused on location as they were focused on getting “the most bang for the buck.”

“Because we chose to buy at this time, we were able to find a larger home for a lower price. My wife and I felt that this move would be a great starting point for our future,” one Southeast Mortgage new homeowner said.
“The reason why I waited so long to buy a property is because I am always looking for the best deal I can possibly get on anything I purchase. I took the same approach to the home-buying process. Like most economical home buyers, I wanted to wait to make sure the housing market was at its lowest point before purchasing. I wanted the most bang for my buck,” said our third team member to recently buy a home.
“I waited and waited until not only had the prices bottomed, but prices of homes in the areas I wanted to live in were starting to rise,” this home buyer continued. “Once I saw home prices rising, I knew my opportunity to capture a great deal was limited. I found a home that is certainly bigger than any starter home, however, my payments correlate with the payments of a starter home. This was a steal and the best economical move I could make to secure my future.”
Buying a home is a large investment and it is important to treat it as such. However, as first-time home buyers on the Southeast Mortgage team knew, the current market makes it a much easier decision to invest in a home.
Because of the normal hesitations of first-time home buyers — like those on the Southeast Mortgage team — the average first-time home buyer purchases conservatively to get their toes wet first. However, members of our team were able to buy homes at much higher values because of their confidence in the current market with its low interest rates and home prices.

- Kathy Gyselinck, Executive Vice President of Human Resources and Legal Compliance at Southeast Mortgage

www.southeastmortgage.com
770-279-0222
clientservices@southeastmortgage.com

You know your CRM is GOOD when.....

Email your support to clientservices@southeastmortgage.com
www.southeastmortgage.com
Phone: 770-279-0222

New Mega Social Origination Platform Close to Grand Opening at Southeast Mortgage

 

The newest Southeast Mortgage origination platform in Cobb County near I-285 and I-75 provides an 8,000 sqft state of the art facility.  Our Licensed Mortgage Originators, MLO, will service clients in a convenient location and bring our referral partners together in a fun productive environment.  This closer bond between the Real Estate Professional, SEM MLO, and our Client Relationship Team ensures a trusted bond endures as both grow in the Georgia Market through coordinated client acquisition programs.

The new Max Office will provide state of the art media, data, and social capabilities.  Indoor / outdoor access provides just what a good barbecue and a game of pool or darts requires after a long day of exceeding client expectations.

 

"This is our second office created for our MLOs, CRM, and Referral Partners to work better together in what we see as the future of Mortgage Origination.  Social and Technology coming together in one platform is cool and creates a bond between clients, MLOs, and our Referral Partners.  When I saw our Alpharetta Office's completion, the future was clear and the Cobb Office was given the green light.  The third Max Office will be in Gwinnett County"  - Cal Haupt, President and CEO, Southeast Mortgage of Georgia, Inc.

 

www.southeastmortgage.com

Phone: 770-279-0222