I hope you listened to or watched yesterday’s podcast where I interviewed Ivy Zelman.
Getting 45 minutes of Ivy’s expertise and insights is truly invaluable, so if you missed it, I strongly suggest you go back and catch up. In fact, listen to it a couple times until her knowledge really sinks in so you can convey it to your clients.
One thing she talked about was so critical, I’m “piggy backing” on that conversation with today’s blog.
You’ve heard me talk about the importance of being your market’s “knowledge broker” in the past. I think it could be argued that right now is one of the most important times in the history of our industry to embrace that role.
There’s so much uncertainty and confusion among consumers… at a time when there are incredible opportunities in the marketplace!
And I want to talk specifically about one of those opportunities here today.
Are You Conveying the Urgency to Potential Clients?
Ivy and I talked about many different market statistics and trends, but the thing that stood out to me most was how urgent it is for you to be reaching out to potential “move up” buyers right now.
You can listen to the podcast for every last detail, but here’s a basic snapshot of what’s happening…
- Mortgage rates are at historic lows, leading to a boom in both the refi and purchase markets.
- U.S. housing inventory numbers are at all-time lows.
- Because there’s so much demand for housing, home prices will continue to rise.
- As the economy begins to rebound from COVID more broadly beyond housing, mortgage rates will increase once again. Every quarter-point increase in mortgage rates equates to a three percent increase in a homeowner’s monthly payment.
Still with me? Got all that so far?
So now, you have all these people refinancing and purchasing with record low mortgage rates, which means… what?
Well, as Ivy pointed out, with such attractive fixed rates locked in, they will be much less likely to want to move in the future. There’s an “immobile market” on the horizon, she says.
Extrapolated further, that means NOW is the time for move up buyers to sell and get into that bigger, better home… while rates are still low.
As Ivy said… Whatever they’re waiting for, there’s no good reason to wait.
What Will You Do with This Information?
So Ivy knows this. And I know this. And now you know this, if you hadn’t before.
The problem is that many consumers have yet to recognize that their absolute best opportunity to move up is right now. Or they’re paralyzed by media reports stoking fears of another housing bust.
So my question to you is this: What are you going to do about it?
Want my advice? You need to be talking to everyone – and I mean absolutely everyone – in your database and sphere who could possibly be a “move up” buyer.
It’s not even a sales pitch. All you have to do is get them to sit down with you for a few minutes so you can show them what’s happening and expose them to what very well could be a once-in-a-lifetime opportunity.
And if you’re the hero who gets them in their dream home with an unbelievable mortgage rate, they’re going to refer you to everyone they know.
So… what are you waiting for?