Keynote speaker Shari Olefson

Boomerang buyers who are finally venturing back into the world of homeownership after losing their homes during the recession to foreclosure or short sale will be an integral part of the future housing economy and REALTORS® need to know how to identify, engage and build a referral pipeline with them, speaker Shari Olefson told Illinois REALTORS® during Monday’s Illinois Housing Leaders Conference in Springfield.

Olefson, director of the Carnegie Group and author of “Financial Fresh Start,” was part of one-day conference from the Illinois Association of REALTORS® focusing on the topic of boomerang buyers.

IAR Treasurer Mike Drews, Shari Olefson and IAR Housing Policy Advisor Sharon Gorrell

As consumers try to navigate through all of the media coverage they hear about the housing industry, REALTORS® are a real life resource, or “homeownership ambassadors,” consumers can use to better understand what is happening in the market and the factors that may affect their ability to buy again, Olefson said.

REALTORS® can help boomerang clients learn more about:

  • Waiting periods required by Freddie Mac, Fannie Mae, Federal Housing Administration and others before they can qualify for mortgage financing again.
  • New Qualified Mortgage rules that went into effect earlier this year that include tougher loan qualifications.
  • Re-emergence of the subprime loan market.
  • And the trend toward rising interest rates.