Reporting back from the street has been very positive when it comes to the reaction from accountants to the calls about tax extensions. These conversations have caused some meetings and a few immediate referrals, and we are just a week removed from the plan. It is very interesting to see how a simple phone call and a brief conversation can change the perspective of other professionals. Most accountants don’t have much use for mortgage professionals until they come across mortgage professionals who understands their business and provides an important value added to them and their clients.
I am also seeing continued results from the back-to-school conversations as the final wave of kids head back to school. I actually think this year has been the strongest in the past three or four years when it comes to seeing these conversations turn into opportunities. Between functional obsolescence conversations and the awareness of the monthly cost of getting what people want and need has really taken this talk to a whole new level. Being able to frame the conversation around total monthly payments and not simply arguing rates has proven productive and profitable!
Oil prices will become an issue with inflation if the Fed chooses to make it an issue. The Fed meeting coming up next week is likely not going to move rates all that much, even if they leave rates unchanged as expected, it will be more about the tone of their remarks and if they signal a “pause” or “the peak” of the tightening cycle. We will have to see the details and let the markets react. We are in a very strange cycle now and it’s impossible to get a clear long-term picture at the moment, but doing nothing at this meeting will certainly be a good step into the future!
As always, if you have questions or comments, it’s [email protected]