One thing I feel people have realized as a result of thispandemic, is the importance of focusing on family and not so much onstuff. I’ve talked to so many of my friends that have cleaned outclothes, holiday decorations, and just closets of stuff they no longeruse or need. My tip for you now is to let those things go, but don’treplace them with more stuff. Think about the design of your home and howit can better work for you. If you discover you would like to change the designof a living room to become a gym or office, or if the home you live in is toolarge or small, then entertain the options you have in that. Options to changeare always available. Gather information from reliable sources to helpyou make the best decision that suits your “new normal!”

LeahAnne Morse

allthingsnewwtn.com

p.901.488.9733

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TOPICS COVERED BY PATGOLDSTEIN, REALTOR

Covid has definitely impacted thereal estate market, but hasn’t crushed it. There are fewer buyers in themarket, but also fewer listings. The balance has still left us, at leasthere in the Memphis market in a highly competitive seller’s market. Although the meteoric price increases, that were corrections from the years ofrecession have slowed, they haven’t stopped, just not rising as rapidlynow. If a house doesn’t sell almost immediatly with multiple offers, itmay take a little longer because of decreased buyer activity, but sales arestill happening. The houses that have the best chance of selling quicklyfor top dollar are those that have been totally renovated and are inexceptional condition. The number of sales have dropped, but that mayalso be due to many who want to wait til the crisis has passes before allowinganyone in their home. I believe that when the stay at home order hasended, and people feel safer about getting out and being around people, thepent up demand will cause an increase in both buyers and available listings.

Some things that haven’t changed arethe need to be preapproved before starting to look for a home and knowing whatyour comfort level is. It’s very easy to get caught up in a bidding war,and before you know it that dream home has just gotten out of your comfortlevel, even though it may be within your qualifying range. It’s veryimportant to know where your limits are. You need to know how much cash you’llneed in a worst case scenario (like having to pay all your closing costs) andhow much you can come up with if needed. Have a general idea of what yournon negotiable needs are and the things you want, but could live without, atleast in the short term. That could keep you from making offers on housesthat you fall in love with, but then discover it doesn’ have that reallyimportant thing, or does have that thing that you just can’t live with. Know what you can change and what you can’t, or at least what you can afford tochange.

Know that every neighborhood may notbe right for you, but there should be several that are. Beflexible.

Have an experienced, knowledgableagent who can guide you through the transaction. Most of the issuesarrive between contract and closing. You need someone who can handle thedifficult negotiations that frequently arise.

In a number of lists of life’s mostdifficult times, buying or selling a house is right up there with death anddivorce. Make sure you have who can get you through it

Things that are different. More transactions are being done virtually. Although it’s very difficultto tell if you really love a house from a virtual tour, it is one way peopleare looking at houses and making decisions. Contracts are moreoften being written and signed online. It’s really important to see acopy of the purchase and sale agreement and go over it with your agent eitheron the phone or by zoom or facetime, or some other similar medium.

Another impact on this market is thenumber of people out of work, and the number of businesses that areclosed. Many will not have jobs to return to or businesses toreopen. If any of those people were planning to buy a house, they may notbe in the market for a while.

The way we live and work now haschanged, and those changes may impact the type of homes people want. Aspeople continue to work more from home, Home offices may be seen as anecessity and media rooms may become more sought after. If onlineeducation takes off, a study for the kids may be needed. People have beencooking more and may start thinking they need a larger or more upscalekitchen. And of course plenty of room to store an extra case of toiletpaper! An exersize room or home gym may be considered essential to keepourselves in top shape so we can survive the next pandemic. In themeantime, although it may not be business as usual, the real estate industry isstill strong and will continue to adapt to meet the needs of home buyers andsellers.

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TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER:

1. What new opportunities have opened up for homebuyersand homeowners wanting to refinance?

The Coronavirus pandemic ispresenting some helpful opportunities for people to improve

their current financialpositions when it comes to real estate.

1. Mortgage Rates are predicted to stayvery low in 2020, especially if your credit

scoresare high. These low, fixed mortgagerates are great for homebuyers to enjoy low mortgage payments. The low mortgagerates give some homeowners an opportunity to lower their rate and payments,shorten the term on their mortgage.

• Mortgagegiants, Fannie Mae and Freddie Mac are waiving appraisals on a higher number ofhome purchase and refinance loans, saving borrowers around $400 to $500 onclosing costs.
• Eventhough we are still seeing a competitive real estate market out there withmultiple offers, the stay-safe-at-home rules have lessened the crowds oflooky-loos clogging the market. Real estate is considered an essentialbusiness. We are seeing more serious buyers and sellers. This might mean lesscompetition if you are wanting to buy a house.
• FHFAis allowing borrowers whose mortgages are backed by Fannie Mae, Freddie Mac orFHA to delay making mortgage payments for a few months if they are impacted bythe Coronavirus pandemic. You must talkwith your mortgage servicer to request forbearance. You are not skipping your payment —justdelaying it.

Credit bureaus are now allowing you to check yourcredit every week for the next year instead of only once a year at www.annualcreditreport.com

• What aresome of the changes that are being phased in by mortgage companies?
• When the stockmarket plummeted several days ago surrounding the effects of the Covid-19 pandemic and the governmentannounced that people who were losing incomes and needed help could put theirmortgage payments in forbearance, the supply of mortgage-backed securitiesfunds to lend begin to dry up very quickly. Remember your old high school economics class? When supply is low and Demand is high, whathappens to price? Prices go up.
• Mortgage rates are still very low, especially for borrowers with highcredit scores. Scores down in the 600sare considered by lenders to be riskier, therefore many lenders have raisedtheir minimum credit score to lend to only those people with a 680 or 700 scoreor higher. Sierra Pacific has kept theminimum credit score for some of our loan programs at around 640, but the priceon mortgage rates are tend to be higher for lower credit score borrowers.
• Improving Your Credit Game to Gain Yourself a LowerMortgage Rate:

Letme share Benton and Baily’s story, because I think what happened to them ishappening to a lot of you out there. When mortgage rates recently started a rapid climb upward, some of myclients were still out house shopping and could not lock their rate on astandard program. When the seller finally accepted their home purchase offer,rates had moved away from where they had been originally.

Bentonand Baily were disappointed that their payment would be a little bit highersince the mortgage rates had jumped higher. Benton and Bailey had a longer time than usual until they werecontracted to buy the house.

Theanswer for them was to somehow improve their credit score. By paying down their credit cards to showthey were using less than 30% of their revolving credit limits, their scorewould like increase 15 to 20 points, just enough to put them in a much betterprice level for their mortgage. Thehigher their credit score, the lower their mortgage rate. The lower theirmortgage rate, the lower the payment. Life would be much happier enjoying that lower rate.

D.

I am not a licensedcredit repair person and I direct my clients to the credit bureaus for anyfinal corrections or fixes. There are noguarantees that you will get the exact results you want 100% of the time. What I am sharing with you is based on closeobservation and study of the cause and effect on numerous mortgage clientcredit reports).

1. Makeyour payments on time and do not let them get over 30 days late.
2. Ifa creditor is contacting you about a collection account, pay it as soon aspossible or set up a payment plan with the lowest possible payment per monthwith an agreement with the collection company not to report negativeinformation about you to the bureaus.
3. Neveruse more than 30% of your credit card limits. For example, if your credit limitis $10,000, you would never want your balance to go over $3,000. Your utilization habits on revolving accountactivity makes up over 30% of your credit score.
4. Stayaway from 12-months-same-as-cash accounts. Most of the time these type accounts are scored as maxed out revolvingaccounts. I have seen these accounts drop someone’s score more than 100 points.

• Otherchanges that may be temporary but affect your ability to get your loanapproved.
• Most government mortgage programs can make itpossible for you to buy a home for less than 5% or sometimes zero downpayment. Some lenders around the nationare requiring higher down payments on loans.
• There are a few mortgagelenders around the country who are putting tighter restrictions on borrowerswho are depending on gift funds. Or borrowers with very high debt.
• If you are running intobarriers on these issues, please contact me at (615) 924-6215. Sometimes thesolution is to simply try a different mortgage program. Sometimes it issomething like just finding a different source of funds to close. When a client of mine treks his way aroundthese barriers and finds a creative path to making his dream come true, it bringsso much happiness.

REAL ESTATE TIP OF THE WEEK (Leah Anne Morse of All Things Newhas 1 to 1.5 minutes to share a real estate related money-saving or time-savingtip): Ifyou decide to make changes to your home, think about the resale value that willbe added as a result. We had a discussion with a friend that would liketo remove their older whirlpool tub and build a small closet in thatspace. Would that be a benefit when ready to resale? Or would it bemore appealing to the next homeowner to have created a workout space? Allof these things need to be considered as you move through these changes. The need for storage is usually a must for any homeowner; just consider theesthetics of the changes you make….should they be permanent ortemporary? Leah Anne Morse allthingsnewwtn.com p.901.488.9733

ANNOUNCEMENTS:

Talk Shoppe offers freenetworking & education to anyone interested in real estate or in business.Talk Shoppe meets every Wednesday 9A-10A CT. During the period of socialdistancing, Talk Shoppe is meeting online. Just go to www.TalkShoppe.comand click on Upcoming Events tab. Thenclick on the weblink to Talk Shoppe’s main room. This Wednesday April 29^th, 2020Talk Shoppe presents: “TheMaster Mind Principle based on the book Think and Grow Rich byNapoleon Hill”

Thank you to Taylor Morse ofCartridge World in Collierville, TN for offering Talk Shoppe and otherbusinesses good quality recycled ink cartridges. It can save businesses 30% on normal printingcosts. (901) 853-3230

Talk Shoppe offers a wideplatform of media channels for helping your business reach your target marketsegments. If you are looking for aneffective, affordable way to build your business with a supportivecommunity through radio, print, socialmedia and public speaking, call me at (615) 924-6215 or email me at This email address is being protected from spambots. You need JavaScript enabled to view it. Talk Shoppe’s regular meetings are free.Come equip, engage and empower your business with us! www.TalkShoppe.com

2. Stay Safe! Support your local businesses andrestaurants. This past week I broughthome some delicious pepper steak for our lunch from Beijing Dragon https://www.beijingdragonrestaurant.com/ Next we are ordering lunch from anotherlocal family-owned business Eat at Erics food truck www.EatAtErics.com . What is YOUR favorite restaurant?

4. Subscribe at www.TNRDHomeLoans.com and you can get our weeklyblog posts with podcasts conveniently in your inbox.

5. RealEstate Mortgage Shoppe reminds you to MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.

SPECIAL NOTE: REAL ESTATE MORTGAGE SHOPPE RECOMMENDS THAT YOU CONSULT WITH A FINANCIAL,LEGAL OR OTHER CERTIFIED, LICENSED PROFESSIONAL BEFORE ACTING OR INVESTING ONANYTHING YOU HEAR OR SEE FROM THE CONTENT ON THIS SHOW OR BLOG POSTS. THEINFORMATION WE SHARE ON REAL ESTATE MORTGAGE SHOPPE IS GENERAL IN NATURE MEANTFOR GENERAL EDUCATIONAL PURPOSES ONLY. ALL EXAMPLES GIVEN FOR ILLUSTRATIONPURPOSES ON REAL ESTATE MORTGAGE SHOPPE AND ARE BASED ON TRUE STORIES BUT WEUSE FICTIONAL CHARACTERS AND DO NOT DIRECTLY REFLECT REAL PEOPLE OR EXACT DETAILSIN ANY OF THE SITUATIONS.

QUOTE CORNER:

“You may have had a setback, butyou can make a comeback.” Joel Olsteen

Jay Asher, Thirteen Reasons Why“You can’t stop the future
You can’t rewind the past
The only way to learn the secret
…is to press play.”
____________________________________________________________________________________

REJOINDERS:

1. Don Lawler, videographer with www.StorytellersMemphis.com Telling your business’ story via video
2. Dan Sater, author of The Top 20 ToxicCredit Mistakes. www.creditscoringadvisor.com
3. EricEurich, Kaizen award-winning business coach with Focal Point Coaching.

Transitional Music: “GetReady” by the Temptations; “Changes” by David Bowie; “Rolling With the Changes”REO Speedwagon. “Taking Care ofBusiness” by Bachman Turner Overdrive for the Talk Shoppe Business Tip For RealEstate Pros.

________________________________________________________________________

ABOUT PAT GOLDSTEIN, REALTORWITH CRYE-LEIKE REALTORS

“THE GOLD STANDARD IN REALESTATE”

Crye-Leike Realtors

For buying or sellingresidential real estate

For West TN and NorthMississippi

(901) 606-2000

LEAH ANNE MORSE, ALLTHINGS NEW

www.AllThingsNewWTN.com

(901) 488-9733

ABOUT JOGARNER-MORTGAGE LOAN OFFICER:

WHAT DO YOU WANT TO ACCOMPLISHWITH YOUR MORTGAGE?

www.TNRDHomeLoans.com (901) 482 0354 This email address is being protected from spambots. You need JavaScript enabled to view it. twitter @jogarner NMLS# 757308 (currently working with SierraPacific Mortgage, Inc)

“Whatever YOUR personal priorities are, my job is to help youget the mortgage terms that will give you bragging rights when you talk aboutit and help you score on hitting yourgoals .”

As a mortgage loanofficer, my job is to help you get to the benefits you want from your financing terms. What is most important to you? I can help youfind the financing terms that will help you get to what you want. What is your comfort level on a house payment?How much are you comfortable paying down,? What type of financing do you needto get the house you want to buy or refinance?

Different clients have different priorities inlife—some are buying their first home with very little down payment funds. Some are recovering from medical challenges,divorces or preparing to send children to college and some are embarking on along term goal of buying properties to build rental income.”

TNRDHomeLoans is a mortgage officer with extensive knowledge in tailoring mortgages toher customers who are refinancing or purchasing homes all over thecountry. She offers conventional, FHA,VA or other loan programs for refinancing and purchases.

Jo can help you look at rent vs buy, when it makes sense torefinance, how to get the best deal on your home purchase financing.

McKenzie Mortgage RD Loans has beenin the real estate/financing business for over 25 years. She got herstart in Portland, Maine where she first began her real estate career. Shereceived her real estate education from the University of Southern Maine and was personally mentored in San Diego, California by Robert G. Allen,author of Nothing Down,Creating Wealth andThe Challenge.

On moving back to West Tennessee in 1987, she went intobusiness buying and selling discounted owner-financed notes secured on realestate. In 1990 Jo went to work for a residential mortgage company andhas been a mortgage loan officer for over 25 years. Her goal is to offerexcellent, affordable service to her customers, tailoring theloan programs to the specific needs of her clients.

In addition to her work in the mortgagefield, McKenzie Mortgage RD Loans is the primary sponsor and founderof Talk Shoppe in Memphis. www.TalkShoppe.com TNRDHomeLoans also host the radio show Real Estate Mortgage Shoppe airing on NewsRadio AM 600 WREC and iHeart Radio with podcasts and show notes published on www.TNRDHomeLoans.com

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