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Banks and Credit Unions Reach ReFi Customers On Detroit Radio

Sep 11, 2020 3:25:43 PM / by Larry Julius

There are approximately 526,000 households in Southeast MIchigan with existing mortgages, according to the US Census Bureau, American Housing Survey. The median amount owed on these homes is $115,000.

Yesterday, there was extraordinary news for many of these borrowers and for Detroit area banks, credit unions, and mortgage companies

According to The Federal Home Loan Mortgage Corporation (Freddie Mac), mortgage rates have hit an all-time low of 2.86%.

 
With interest rates at this new level, 20 million American homeowners can now refinance their existing mortgage, according to Black Knight, a data analytics company specializing in homeownership life cycles. 
 
By refinancing an existing mortgage, a Metro Detroit homeowner could considerably reduce the length of their loan or lower the amount 
of their monthly payments.
 
Local banks, credit unions, and mortgage companies create a great deal of revenue from refinancing. 
 
Generally, a lender can expect to earn two to five percent of the loan principal amount in closing costs, according to BankRate.com. For a $200,000 mortgage refinance, for example, closing costs could generate between $4000 and $10,000.
 
For local financial companies to claim a significant share of the expanding refi market requires advertising. By any metric, advertising on Detroit radio is the most effective way to reach homeowners.
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Topics radio advertising, best way to advertise, mortgage, mortgage rates, mortgage brokers, bank, home values, home owners, home buyers, advertise on radio, banks, credit unions, advertise on detroit radio, mortgage companies

Real Estate Advertising in Detroit: Starter Home Sales Are Thriving

Jun 25, 2020 4:26:08 PM / by Larry Julius

From Grosse Pointe to Livonia (and every point in between), Metro Detroit real estate agents see a robust, post-pandemic market shaping up. Home sales are being driven by record low-interest rates.

The average rate for a 30-year fixed rate in June is 3.17%, according to Freddie Mac. This is down from 3.99% June of last year. That difference could save a Southeast Michigan area home buyer close to $30,000 over the term of a loan.

Data from the Federal Reserve indicates that one of the fast-growing segments of the current real estate market is starter homes. Sales in May for these modest price houses have risen above pre-COVID-19 levels and have hit a three year high.

Feuling the starter home market is demand from millennials. This generation now comprises 37% of all home buyers, says the National Association of Realtors Research Group.

To claim a large share of the market for starter homes, local real estate agents will need to advertise to attract these buyers.  By almost any metric, advertising on Detroit radio is the best way to reach millennials planning to buy a house, condo, or co-op over the next year.

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Topics small business, small business owner, radio advertising, best way to advertise, mortgage, mortgage rates, home sellers, home buyers, real estate, advertise on radio, real estate agent

Why Metro Detroit Real Estate Agents Need To Advertise Now

May 22, 2020 2:46:22 PM / by Larry Julius

Type "DETROIT REAL ESTATE AGENTS" into Google. In slightly over a half-second, the search will deliver 13,000,000 results. Similar searches for Troy, Bloomfield Township, Ann Arbor, Grosse Pointe Park, or Birmingham produce a proportional number of returns.

Despite the economic hardships imposed by the Coronavirus crisis on Southeast Michigan consumers, the demand for real estate is booming. 

The Wall Street Journal published a trend yesterday indicating that mortgage applications for purchase a home have achieved levels equal to last year.

According to redfin.com, home buying demand is 16.5% higher now than it was pre-COVID-19 on a seasonally adjusted basis.

Redfin attributes this explosive growth in real estate shoppers to two factors, including record-low mortgage rates. The other primary driver is a migration trend from expensive metropolitan areas as buyers hunt for more space at lower prices.

To capture a larger share of the robust market, local real estate agents need to stand apart from the millions of Google results.  Advertising on Detroit radio will help accomplish this.  Here's why.

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Topics small business, small business owner, television advertising, best way to advertise, social media advertising, newspaper advertising, online advertising, streaming audio, home owners, pay-TV, home sellers, home buyers, real estate, advertise on radio

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