Frozen out of home ownership for years, many of those affected by the subprime mortgage crisis are now ready to buy again. These boomerang buyers with a foreclosure history are excited about their salvaged credit scores, which translate into lower interest rates. Marketing real estate to those who need a guiding hand can be a win-win.
Boomerang buyers will play a major role in the 2018 real estate trends. Countless dings fall off credit reports every day, with the required seven years approaching or already passed for those with short sales or foreclosures in 2008-2012.
Helping Buyers with a Foreclosure History
Previous homeowners have already experienced the benefits of owning rather than renting, but they have obstacles to overcome. Boomerang buyers tend to be motivated yet they are hesitant about the process.
Some considerations for buyers with a foreclosure history:
– Waiting periods of 2 to 5 years must have elapsed.
– Prequalification often involves more paperwork than for other buyers.
– Boomerang buyers need reassurances and concrete evidence of why buying again will be more successful for them.
Reaching Boomerang Buyers
It’s worth noting that the 2018 real estate trends involve boomerang buyers in the age group between Millennials and Baby Boomers. This means that your real estate website design and print materials shouldn’t be tailored too heavily toward retirees and first-time buyers.
By definition, these boomerang buyers have been renters for several years now. A key tactic will be capturing leads and using data to drive drip marketing and other campaigns to reach renters whenever they are ready to buy again.
A solid web presence goes a long way. This group will heavily use Internet research for testimonials and reviews to choose their agent, broker, and lender.
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