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Why Detroit Kitchen & Bath Remodelers Need To Advertise Now

May 19, 2021 8:04:55 AM / by Larry Julius

In 2021, according to Nielsen, 200,436 Detroit area homeowners are expected to spend $2.1 billion on kitchen and bathroom remodeling. This would be an increase of 16.8% increase over last year. Sales estimates are based on data from The National Kitchen & Bath Association (NKBA).

Because of the ongoing pandemic, 2.5 million Southeast Michigan homeowners are in the process of reassessing their living spaces.

According to the NKBA, homeowners cite the kitchen and bath areas as two times more important than other spaces within the home, and the kitchen particularly gained status throughout the COVID-19 pandemic, with 70% of homeowners considering it extremely important compared to 64% before the crisis.

“After such a strong year for home remodeling in 2020, some wondered if we were approaching a home improvement spending ‘cliff.’ We’re pleased to say that’s not what the kitchen and bath market is expecting in 2021,” said Bill Darcy, NKBA CEO.

“Last year, homeowners started the work of improving their living spaces with DIY projects. And this year, with early distribution of the vaccine and other measures to reduce the public health impact of the virus, we expect to see continued renovations and more projects requiring our members.”

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Topics radio advertising, best way to advertise, consumer spending, home values, home owners, home improvement, remodeling, contractors, construction, homeowners

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

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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