What is the benefit of having an Housing Stock by Mortgage Status analysis of the target market of Monroe County in the business plan for Real Estate Funding Solutions?
The housing stock by mortgage status analysis for Monroe County gives us a critical piece of the puzzle that is essential for successful business planning. We are able to ascertain what percentage of the housing stock in the target market has a mortgage or not. This has very siginificant implications for amortgage broker business. This analysis would lay out the ground work for the larger strategy of how to market and what to market in a target market like Monroe County.
What is the Housing Stock by Mortgage Status analysis for Monroe County compared to?
The housing stock by mortgage status analysis for Monroe County is compared to the housing stock by mortgage status analysis for the state of New York. The reason for this is fairly obvious. If we don't compare our findings of the local target market to a regional, state or national trend, we will never be able to understand if there are deviations and discrepancies from the larger averages. For example if the statewide average housing stock with a mortgage is 65% and we find that the local target market stands at 75%, it would indicate that there are many more homes in the target market that have a mortgage and therefore the potential for a refinance boom if interest rates were to drop is very good.
In order to conduct our analysis we have the following mortgage status classifications for the target market of Monroe County:
What if the target market has a much larger proportion of homes without a mortgage? How can you market to them?
In the event a target market like Monroe County were to show a higher percertage of homes with a mortgage than the statewide average and further if that Houisng Stock by year the householder moved in analysis showed that most of the homes had been moved into within the past 10 years, it would indicate that there are many households in Monroe County that have large amounts of mortgages outstanding. Saving money on monthly mortgage payments by refinancing when rates are low is one of the prime drivers of business for mortgage brokers. Thus if you are a mortgage broker, every time there as a drop in mortgage rates, we would recommend that an aggressive marketing campaign of flyers, postcards and other forms of direct and electromic mail to capture refinancing business. This strategy has proven to be very successful for many of our clients over the years as rates have continued to moderate. If you are are a realtor, and you recognize that you have an older population that has paid off their mortgages, you may consider sending out special flyers that are able to demonstrate your experience of working with similar homes in the neighborhood. A seasoned reverse mortgage specialist could use that data to begin marketing services for reverse mortgages by holding free seminars in local churches or houses of workship.
Homes that have been paid off tend to be older and require more upkeep. This would present a great opportunity to general contractors and even trade specialist like plumbers and electricians to give free estimates. Windows and doors on older homes tend to need replacement and it providing free estimates would be another excellent way for a business that specialized in say window treatments, to come in an create a relationship with the home owner. A small business that specialized in say kitchen cabinerty could easily market free consultations to home owners in Monroe County that did not have mortgages and try and win their busienss.
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