Newly elected U.S. presidents have particular agendas they want to accomplish inside the first 100 days of their presidency. This began with Roosevelt. Younger mother and father are reluctant to take their newborns out in public till after their first 100 days for worry of compromising the baby’s immune system. As soon as the primary 100 days have been retired, a celebration ensures.
For these of us within the mortgage business, the subsequent 100 days is significant as it is going to be a interval that requires probably the most focus and biggest quantity of perseverance.
The housing market has been in a recession since mid-year 2022. Mortgage charges have doubled, and homebuyers are performing as if each vendor has the plague. This can move. Most business specialists predict mortgage charges can be again down round 5.25% in 2023 after peaking at 7.25% in 2022. Homebuyers are projected to start out hopping off the fence as early as spring 2023. There’s a gentle on the finish of the tunnel.
The excellent news for these of us within the mortgage and actual property industries is that almost all people, together with us, can do virtually something if it’s for 100 days. The time interval is right for reaching targets: These 2,400 hours are a enough sufficient block of time to attain progress, however nonetheless quick sufficient to depart no room for procrastination. This results in a better chance of success.
Wish to practice for a marathon? You possibly can. And you are able to do it in lower than 100 days. Wish to be taught a musical instrument? You possibly can. All you’ll must do is apply for an hour a day for 100 consecutive days. You may not be capable to surrender meat altogether, however I wager you possibly can for 100 days. You may not have the option to withstand alcohol for the remainder of your life, however I wager you possibly can for the subsequent 100 days.
As we bid farewell to 2022 (like peace the heck out!) and kit up for 2023, the important thing to success can be enduring the subsequent 100 days. Layoffs will proceed to occur. Pressured mergers are a forgone conclusion. Companies shutting down can be unavoidable. All three can be out of the management for almost all of HousingWire’s readers. What shouldn’t be uncontrolled is our perspective and energy.
2023 has the markings to be a stable 12 months for mortgage professionals. However as a way to admire all that 2023 will deliver, we should first survive the primary a part of the 12 months. Now could be the time to place our blinders on. We preserve our heads down. We march ahead.
Collectively, we make the time to choose each other up and we aren’t shy about it. On these days we really feel like dropping out we channel our inside Stuart Smalley and inform ourselves, “I’m ok. I’m sensible sufficient. And gosh darn it, individuals like me.” In any case, anybody, together with you and together with me, can do absolutely anything for 100 days.
Dustin Owen is Vice President, East Division Gross sales at Waterstone Mortgage Corp. and the host of “The Mortgage Officer Podcast”.