This May Come As A Shock To Most People But…

There are a lot of people these days that are staying in their homes for a lot longer than normal. In fact, my family has lived in the same place for twenty years and has no motivation to move. Maybe it’s because of the cost of actually finding a new place, or the substantial cost of moving, but we do not want to re-locate at all.

This is actually starting to be the norm these days. More and more people are reluctant to move and this means business for loan officers and real estate agents because there is more of a demand and mortgage opportunities.

According to The National Association of Realtors, there has been a significant jump in the number of years families remain in their homes. There may be a few reasons for this change.

Home prices fell, and, if they’re not underwater, homeowners may have felt they would not have received their idea of a fair price. Or it could be the lack of homebuyers in the market… or perceived inability to get a loan. Regardless of the reason to stay rather than sell, what this represents is pent-up demand — and a great mortgage opportunity.

“Try offering first-time home seller events in your area!”

So what does that mean to you, assuming you are not in the market to buy a home in Menomonee Falls, Wis.? Well, here’s the thing: Once we sell our home, guess what we are going to need? That’s right, another house. And with that next house, another mortgage. So selling my house will be an opportunity for a real estate agent and an opportunity for a loan officer, not only in terms of a mortgage, but also in terms of a good reason to approach a real estate agent.

So at the very least, now is a time to reach out to past clients, not simply to ask whether they’re interested in refinancing, but rather, whether they’re thinking of selling their home.

 

 

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Article Source: Loan Officer Hub