I’m sure you’ve seen seen the headlines. I wanted to understand the numbers better.
According to Mortgage News Daily, mortgage purchase applications are down 18% and refinance applications are down more than 85% in 2022 compared to 2021.
We weren’t expecting this to happen so quickly, were we?
This can be scary, especially for those who aren’t sure how this will affect their livelihood. I’m thinking of those who have made, or planning to make, mortgage signing their full-time business.
It’s easy to throw our hands up and give up. But we know that if we allow this way of thinking to creep into our mind, it can take control.
I’m going to follow the trends of course but I’m also going to try my best to…
Pay Attention to Triggers
It’s not usually just the feeling of overwhelm that might be associated with not knowing what to believe when it comes to the impacts of the housing market. It goes deeper than that. Does this mean that it would be hard to sell my house in the next few years?
And I realize that that there is also fear about how some of you will ultimately pay future bills or how you will be able to leave your 9-5 job.
I get it.
And I know that differentiating the two is important because although we can’t control the impacts to the housing market, we can come up with a Plan B’s.
Practice Self Compassion
This may be one of the hardest things to do but I’m really going to try.
We are all guilty of talking to ourselves negatively. But when times feel so uncertain, we really need to have compassion for ourselves and we need to speak kindly to ourselves.
Staying as positive as possible will help keep the feelings of fear in check.
Remember To Take Control, Do Things Differently
I’ve make a lot of decisions in the last 10 years to have more control of my life and I’m guessing you have as well.
Personally, to help keep a certain level of control, I am looking to do things a little differently and increase my income streams. And to make that happen I know that I need to focus more.
I’m back to meditating every morning, monthly and weekly goals, and a daily to do list.
For mortgage signing agents, maybe instead of constantly looking for the latest opinions about the economy or checking email for new assignments, brainstorm other ways to use your commission and/or skills to make money?
I have always been a believer that if it seems as if the original plan won’t work, try something new.
We may not have the ability to stop what is going on with the economy but each of us has the ability to tweak the original plan. Becoming an owner operated business, self employed means you get to make decisions…including decisions to change the course.