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How to Get Sellers with Equity to
Call You With the current real estate climate of foreclosures, short sales and under-water homes, are there any home owners with equity? And would they want to sell? Our research revealed that there are a number of homes across the United States with equity, including homes in areas with the toughest hit housing crisis. While home owners' equity has
declined, the number of homes with 20 - 25% equity margins is
about 41%. So who are these home owners with equity?
Certainly baby boomers and retirees tops the list, but also
included are high wage earning professionals in both private and
public sectors. Who has Equity
1. Baby Boomers
- not everyone cashed-out during the economic
boom. A number of boomers that took money out of their
homes, did not exceed the 20% equity threshold. This was
done to avoid paying private mortgage insurance (PMI) on the new
loan.
2. Retirees
- just like their baby boomer counterpart, a number of
retirees did not cash-out during the economic boom. In
fact, they are still living from their pensions with their home
paid in full.
3. Government
Workers with 20+ years on job - example: social
workers, police chief, fire chief, engineering managers, ... 4. Private Sector Workers with 10 to 15 years on job - example: vice presidents, operations officers, global operations managers, human resource directors, ...
What's Motivating them to Sell The selling motivation has shifted. Equity home owners want enough money from the sell of their home to buy another place. Given the current state of the real estate market, they are no longer content with just a 20% down payment, their motivation is very minimum or no mortgage payment at all. So how do you get them to contact you regarding the selling of their home:
1. Show them the
Money - State clearly the potential selling
price and how much they can expect to walk away with at closing.
2. Offer
Relocation Assistance - Offer to assist with
connecting them with real estate professional in their new
location. Let them know that you will still be available
to answer questions as they make the transition.
3. Provide
Employment Data for their Destination Location -
this lets them know that they can continue working, and continue
with their current lifestyle. 4. Provide Home Pricing Data for their Destination Location - Give them detail information on home prices, home value retention, property taxes, schools, etc. for their new location. Knowing what to expect in the new area, helps to relieve their tension and anxiety.
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