Business Opportunities for Real Estate Agents through COVID-19
As a Real Estate Agent, Spring is a peak selling season for you. With the market currently being affected by Coronavirus, we want to partner with you and help you continue to capitalize on the benefits of buying and selling in Spring. Here’s a quick update on the mortgage industry and how you can leverage this moment as an opportunity to reach your audiences in a unique way.
What is going on with interest rates?
Well, you’ve probably seen the headlines that the Fed lowered rates to 0%. What they lowered was the Fed Funds Rate, which is the rate that banks charge each other to lend reserve funds on an overnight basis. So it is an indirect component of mortgage interest rates, but it doesn’t mean that mortgage rates are 0%. The most significant part of the Fed’s announcement is that it committed to putting $200 Billion into the mortgage-backed securities market, and this is really what will help interest rates.
How can your buyers benefit?
- Renters who would like to build equity and position themselves for long term financial success, are now able to afford more home.
- Homeowners who have credit card debt can consolidate from the average credit card interest rate in the high teens to a lower mortgage rate.
- Borrowers who are currently working with a loan officer can lock in a rate they will be happy with 2, 5, 10-years from now.
How can you keep momentum during this turbulent time?
With social distancing becoming more enforced, it will become harder for you to see your clients on a face to face level. We would like to help you keep your sales at a stable level.
We offer digital tools such as single property sites and lead capture apps to our Marketing Partners for FREE! These tools will allow you to feature your listings and still get visibility from current and future buyers who have more time to be online right now. During this time, digital marketing is the way to go! We have the tools and we can help you!
Contact us if you have questions about the state of mortgage interest rates. We are in a solid position to continue responding to the Coronavirus situation as it evolves – wherever that may take the mortgage industry.
Changes are occurring on a daily and sometimes hourly basis. The information you are reading and hearing may not be accurate. You can contact a CFI Mortgage Specialist for the most up-to-date information. You can rely on our team to be a resource for you during this turbulent time!