April 29th, 2014 by Jason M. Kaplan, Esq.
A CRAZY Study on the housing market
I was just sent a study done by the OmniTel group, attempting to get a real-time snapshot of today’s housing market. What I read made my jaw drop. It looks like millions of Americans are not even in the market to buy, simply because they don’t have enough accurate information!!!
Check out some of these findings:
“One in three Americans (29 percent) would like to buy a home within the next two years (42 percent don't currently own a home)”
“Just over half (56 percent) of all people who would like to buy a home are not pursuing it because they don't think they'll qualify for a loan”
“One in five (20 percent) who already own a home would like to buy another home in the next two years – either a primary residence, investment home, retirement home or vacation home.”
“About one-third (30 percent) of current homeowners who want to buy within the next two years also believe they won't qualify for a loan”
Credit scores also remain a mystery to most Americans. “Half (50 percent) don't know what minimum FICO score is required to qualify for most loans, while 18 percent think they need a minimum FICO score of 680 to 770+ to qualify.”
To some, this may seem normal but to me this is CRAZY. It is a huge opportunity for you to get these buyers off the fence!
Another important point: “Mortgage-qualifying fear keeps a greater number of younger buyers on the sidelines compared to other age groups. Half (48 percent) of all potential homebuyers who don't own a home today are ages 25 to 34; the median age is 31. The market share of first-time buyers has declined from 54 percent of all sales in March 2009 to 28 percent in February 2014.”
Who are you marketing to? Are you selling to the 25-34 crowd? This is obviously a hugely under-served market! Get them in to your shop! Help them check their credit! Sell them a home! Get them a mortgage! The opportunity is there. Do you want massive change in your pipeline? Take MASSIVE action!
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