Opportunity!
Though home ownership has fallen to 62%, a decade-low percentage; a seemingly dismal fact, there is a silver lining.
You ask, “OK, Mike, what silver lining?”
The same Gallup poll points out that 70% of Americans believe that now is a “good time” to buy a home. The reasons? Home values are VERY LOW. Interest rates are VERY LOW.
So… what’s the problem? Lenders’ underwriting standards are more stringent than in the past. Many potential buyers simply can’t meet the standards. But… a lender can help: a lot. If you make sure that your buyers prospects are pre-approved – at the very earliest opportunity – they can often show the buyer ways to clean up their credit scores, and reduce their debt-to-income ratios.
A lender, even if unable to approve a loan today, can help establish a road map that will allow a prospect to buy a home in six months, twelve months, or perhaps further into the future.
So… generate every buyer lead possible, and immediately have them physically speak with a lender. Some will qualify now, with others in the future.
The supply is there. The demand is there. Where are you?
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