INTEREST RATES STATIC— WHAT TO DO
Mortgage bankers believed the lowering of the prime rate would substantially reduce borrowing costs. It hasn’t because the US economy remains strong and most mortgages are resold at the prevailing bond yields. So, instead of falling, rates have risen.
What this means to you and how to act:
- HOME SALES CONTINUE TO STALL: Current homeowners don’t want to move because 60% of them have mortgages at 4% or lower.
- NEW HOME BUYERS CANNOT AFFORD THE INCREASED COSTS: Not only have mortgage rates doubled since 2022, but the selling price of homes has risen.
- FEWER PEOPLE ARE MOVING: This means fewer prospects for you.
- COMPETITION IS FIERCE: With fewer prospects, movers are fighting for the business.
- MUST GET YOUR NAME IN FRONT OF PROSPECT: More important than ever. How?
- ADVERTISE: Make sure the prospects know who you are with Google Ads and/or Facebook ads. These are powerful and with new AI features, they have lowered the cost per conversion by 50% or more from just a year or two ago.
- RETARGET: This is an advertising feature that puts your ad in front of prospects who have visited your website. You can retarget for as many days as you like.
- PROMOTIONS: What can you offer that will entice the prospect to call you or fill out a form? The “same old, same old” doesn’t cut it today.
We speak from experience and have the case studies to prove it. Contact your ad agency or ask us any questions you may have.
Onward & Upward!
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