Broker foresaw challenges, focusing on purchase market

Flora said he has been able to avoid the pitfalls that have beset others amid market changes. Rather than react and try to quickly pivot to other areas, he saw changes coming and prepared for the shifts, he said. “To put it in perspective, in 2020 and 2021 we were about 90% refi because that’s what the market was at the time,” Flora said. “Everybody was refinancing down and there was a huge amount of volume there. A lot of shops, when the rates started going up and it turned into a purchase market really struggled and are still struggling.”

It was his forethought that helped his firm navigate uncharted waters: “I had a little bit of forethought this was going to happen,” he said. “Two years prior, we opened up a real estate company, SunnyHill Realty. It took us three months to make the transition and now we’re about 95% purchase. Our volume is growing every month.”

The premium he places on customer service has paid off: “We’re trying to provide a high level of service and focusing on the products that can help people buy homes in this environment,” he said. “Make no mistake, it’s a tough market for everybody – the consumers, the lenders, the loan originators, underwriters, processors. Everyone in the real estate industry right now. But it’s a cyclical business,” he added. “Real estate is cyclical. You can’t just have a good year every year. Sometimes, there are harder years. But I feel that we’ve navigated it pretty successfully.”

Last year, the company posted $1.4 billion in volume across some 3,500 transactions.