This year’s National Homeownership Month has arrived at an ideal time since most states and larger metro areas have recently relaxed their “stay-at-home” orders. As the construction industry was considered an "essential business" in most states, new home construction continued with minimal interuption. In addition, new home sales have been steady the past two months1
When you help a new client achieve their dream of homeownership, you’re also helping them pave the way to a better life. According to the Federal Reserve’s Survey of Consumer Finances (2016)
, a homeowner’s net worth is 44 times greater than that of a renter ($231,400 vs. $5,200). Interestingly, since home prices rising in most markets since the 2013 survey, a homeowner’s net worth has increased by 15%, but a renter’s net worth decreased by 5%.
If these facts have got you thinking about more ways to promote the benefits of homeownership throughout your sales territory, here are some ideas that will get you noticed by the right people. Customize any or all of these strategies for your sales territory, marketing budget, and inventory.
Tell prospects you’ll go the extra mile
When preparing social media for June, share stories about your first-time buyers who overcame one or more obstacles to become homeowners. With your guidance, and working with a credible mortgage lender, reveal how they were able to overcome common problems like student loan debt, low credit scores, and lack of money for a down payment.
Co-host a harder-working workshop
Host a virtual or real-time first-time homebuyer workshop, preferably with a local loan originator who specializes in serving this audience. If your area’s short of move-in ready homes, it’s the perfect time to educate prospective buyers about renovation loans. Again, you can host on your own, or co-host with a Stearns loan originator who specializes in renovation loans ad will explain how they work.
Promote first-time buyers’ requirements
Your current first-time buyers probably have different priorities than last year’s buyers, especially after months of sheltering in place. Contact a local talk radio station and offer to host a program to explain how COVID-19 is changing today’s real estate market. For example, you can mention how 2020’s homebuyers are prioritizing home office space, a greener indoors, expanded kitchens, and smart home features.
Sponsor a community project
Instead of a 100% selling approach, participate in a community service project when it is safe to gather. For example, you can help build a playground, fundraise for an animal rescue or collect for a food bank donation drive. Want to emphasize the advantages of homeownership? Contact your local Habitat for Humanity
, Rebuilding Together
, or Youth Build
to learn about their volunteer opportunities. (And yes, you may post one or two photos on your social media that show you hard at work.)
No matter how you choose to celebrate National Homeownership Month, it’s an ideal time for us to work together to promote the benefits of homeownership to potential first-time home buyers. KBHS Home Loans offers your clients a variety of loan solutions, including:
- Conventional fixed-rate home loans with terms up to 30 years.
- FHA home loans which are popular with many first-time homebuyers as they have a low down payment requirement.
- VA home loans for active and veteran servicemen and women. First-time buyers who qualify for a VA home loan may close their loans with no down payment.
Together, we can help more first-time buyers confidently make the transition to homeownership.
“New home sales rose slightly in April
," CNBC, May 26, 2020
Jun 08, 2020