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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 Mortgage Lenders and Brokers Need To Advertise Now

Mar 7, 2020 9:18:52 AM / by Larry Julius

There are 2.3 million consumers in Metro Detroit who own their own homes. 

According to Zillow, more than 60% of homeowners carry a mortgage. A record number of owners are considering refinancing  now, which means millions of dollars in fees for local lenders and brokers are up for grabs.

Why the sudden urgency for Southeast Michigan homeowners to refinance their mortgages?

According to The Federal Home Loan Mortgage Corporation (aka, Freddie Mac), "The average 30-year fixed-rate mortgage hit a record 3.29% this week, the lowest level in its nearly 50-year history."

"Meanwhile, mortgage applications increased 10 percent last week from one year ago and show no signs of slowing down. Given these strong indicators in rates and sales, as well as recent increases in new construction, it’s clear the housing market continues to be a positive force for the broader economy."

If a consumer Googles 'refinance my mortgage in Detroit', more than 4.4 million results come back, So, to set themselves apart, lenders and brokers will need to advertise.  By any key metric, advertising on local  radio is the best way to reach area homeowners.

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Topics small business, small business owner, radio advertising, best way to advertise, consumer spending, mortgage, mortgage rates, mortgage brokers, bank, financial planner, financial services, home values, home owners

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