The setting was the lobby of the Richardson office of Guardian Mortgage last Thursday, as we celebrated 50 years of good, solid home loans along with Marcus and Cari McCue and the entire Guardian Richardson team. Look closely at our photos to see if you see any “Guardian angels” in there! 
Cari and Marcus McCue and Marcia Phillips, CEO
Marcus McCue also filled me in on what went down at the latest Dallas Mortgage Bankers Association meeting. Local top agents Steve Habgood, Dan Harker and Kevin Caskey told the venerable group’s top concern is the lack of housing inventory for the 2015 purchase market. Three years ago, there were more than three times as many homes for sale in the Dallas area market. There are not enough existing homes or new homes to satisfy the buyer support or demand and the size of the current Realtor community. I think it was Steve Habgood who warned that low producing and new Realtors will struggle with not having enough homes to sell — or match homes to buyers desires. Many of them may leave the industry, which is not good because the average age of a Realtor in the US is 58, according to Stefan Swanepoel, and we need fresh new blood in the industry! 
Even though fabulous mortgage companies like Guardian exist, cash transactions account for about 20% of all real estate transactions. Inventory is so tight, it is very difficult for an offer to get consideration – even given multiple offers – without an all cash offer or 20% down payment if financing. (An agent told me recently of yet another home selling for more than asking price. You just cannot underbid in this market.) Some Realtors are actually going door-to-door seeking listings, and many Realtors are concerned about properties appraising in bidding-wars, or multiple offer contracts where the contract price accepted is often 2, 3 or event 5% above list price. Also, many Realtors are now choosing to meet the appraiser at the scene, upon their examination of the home, to offer additional supporting information to get the appraisal done. What was that article I saw in Inman a few weeks ago? My Uber Driver Is A Real Estate Agent? The story was about an agent in the Miami area, also a hot market. Sure, it’s nice to take notes from a disruptive industry, but could moonlighting be the future for young agents who have less inventory to sell? Might be fun to focus on life as a young agent in Dallas: are these agents really bringing home the bacon? How hard is it? Thank God for mortgage bankers like Marcus, who keep us in the loop!
