14 Is the New 30

One spring break during my high school years, I went to visit my grandparents in California. Grandma Harriet called me before I left and asked me if I had a fake ID. Gobsmacked, I said “uh, no.” I asked if she wanted to go to the bars. She said no, it was to get into the Bingo parlors. A few years later, I went to the western side of Chicago in Cicero. There, a shady store owner without question gave me an ID with the name of Max Bruno and I turned 21 at 18 years of age. Although I didn’t use the ID to go play Bingo.

Today I’m 55 and I want to turn back the clock. They say that 55 is the new 45 except when you go to IHOP or the movies where you get a price break. Then I’m happy to show my age. But in a reverse, doing research for this article, I discovered in some ways that 55 is the new 65! Here for my readers are 37 discounts for 55 year-olds. Feel free to use or for you youngsters to forward to your parents. Caesars in Vegas (actually starting at 50), most cruise lines, and rental car agencies all have 55+ discounts. Walgreens has a 55+ day every Tuesday with 20% discounts. AT&T, Verizon, T-Mobile, and even Amazon Prime Membership also all have discounts.

Real estate has higher numbers that were the norms years ago but now are much different. To avoid writing up or accepting numbers that are out of date, here are 4 numbers to pay attention to and the reasons why….

30 to 14

When I started 25 years ago, you always needed at least 30 days for loan approval. Not anymore, at least with more nimble and proficient loan companies. Ryan Brown, the loan advisor I have used for years, has gotten a loan done in as little as 7 days. Technology being one reason. Data is also much easier to get for real estate appraisers when appraising and for title companies pulling title search dates. Writing in 7 or 14 days for loan approval is a must on the listing side. First, it cuts down on holding up a sale in a contingency for 30 days. Second, it gives back marketing time if the deal isn’t going to occur. Time is critical right now during season and who has time to hold up valuable marketing for 30 days?!? For Buyers, writing 14 days for mortgage time instead of 30 days puts you on par with the cash buyer. Both the cash buyer and mortgage buyer still need to do an inspection so if you have the same cancellation periods, what is the difference? One note on this, Buyers must get their preapprovals done early before they are in the middle of shopping. Also, use a local mortgage broker like Ryan. The big box online companies don’t have the same sense of urgency and don’t know the local players. Relationships with vendors are important because you need fast service, and you need reports that are honest with no errors. Having a local mortgage broker who lives and breathes the local market is critical to getting a deal done. Short approvals never happen with the national 1-800 “get approved today” online companies.

48 to 24

The standard 48 hours to get a response is almost never used anymore. Everyone has a smart phone and is available anywhere on the planet. The excuse of “I’m on a cruise” or “they are old and don’t know how to use email” just doesn’t fly anymore. I always do the same day or at most 24 hours for time of acceptance.

15 to 7

The inspection default time is 15 days. As a listing agent I bring it down to 7 days. When I started, inspectors never took photos. The smart phone was invented and that all changed. Reports are now instantaneous once the inspection is complete. Getting it over to a vendor for repairs can also happen the same day. Good agents have resources to get things done. Extensions can always be utilized if something takes longer to diagnose.

60 to 30

It used to be that 45-60 days was the average closing time. Now it’s 30-45. That’s because it just takes a shorter time to get all of the above done along with electronic signatures, wiring monies instead of checking, and texting/email.

And if you know anyone in South Florida who makes fake ID’s, please tell me. I’d like get my kids some of those ID’s for being 55 years of age. Lots of savings!