Real Estate Settlement Services - The 2009 Year in Review

Before planning for 2010, it just makes sense to reflect on what occurred in 2009. In an ever changing market, reflection is always an integral part of being able to move forward successfully. Reflection is a strong foundation for effective preparation and planning. Reflection of 2009 is needed for proper execution of 2010’s plan.

Speaking of 2009, what a whirl wind it has been! Real estate professionals who survived 2009 are steadily preparing for 2010. They are no longer dodging the balls coming from left field, but they are instead preparing a game plan ahead of time that will make 2010 a more profitable one. Let’s look at some things that are being reflected upon:

1. FDIC closed over 128 banks and more are projected to close. This is an incredible (and scary) statistic. This completely turned our economy upside down, creating many job losses and overall financial loss for many across the nation and the entire globe.

2. Home values went completely downhill, making it a buyer’s market while sellers were completely losing their shirts. But now at year’s end, home values are starting to level off and stabilize in most real estate markets across the nation. This last part is great news!

3. Social media has changed the landscape for all business marketing campaigns. It has become an integral part of any business marketing strategy. According to Nielsen Online, social media networks and blogs are now the forth most popular online activity ahead of personal email. Member communities are visited by 67 percent of the global online population. Time spent in social media Web sites is growing at 3 times the overall Internet use rate, accounting for almost 10 percent of all Internet time.

4. eSignatures and eClosings made their way in as important parts of the real estate transaction process. Online technology continued to make life easier and faster, prompting for the masses to keep up or get left behind. For any notary who has not become certified for eSignatures and eClosings, I truly encourage you to do so. You may sign up for a free webinar with Flagstar Bank here: https://wholesale.flagstar.com/Lending/public/home.jsp

5. Have you seen HUD’s new Good Faith Estimate (GFE)? It goes in effect on January 1, 2010. It will allow for borrowers to have more control over the services selected for their own HUDs. But that’s a whole other article, so stay tuned.

The mortgage industry is ever changing. To say it has many faces is an understatement. It’s time to roll up our sleeves and get prepared. No more being caught off guard and having to react. In 2010, we need to be proactive - so we can act, not react. There are many more changes to come. Let’s get prepared now!

APAT Real Estate Settlement Services
PO Box 770849
Winter Garden, FL 34777

407.353.0826.office
321.281.6024.fax
NMickle@APATSettlementServices.com.email