What percentage of Americans would you guess paid off their home?
Think about that for a second: Completely own their home, free and clear.
In other words, when you're driving down the street in your neighborhood, out of 10 homes, how many people have paid their home off and outright own it?
Would it be 2 homes, 3 homes, 4 homes?
The answer is 38% of Americans have paid off their home in full, which is absolutely amazing.
The equity for homes in America is off the charts. It's incredible. So that's good.
Now, why do I bring this up?
The reason I bring it up is because people that have equity in their home actually have a huge, powerful advantage when it comes to moving up to their dream home.
And here's why:
They can actually do something that a lot of sellers can't. They could go buy a home and finance their second home (what they're going to buy next). And they won't have two mortgages.
So they have no pressure on themselves when it...
Sometimes a seller will say to you, "Well, just sell it to a cash buyer. I don't want to deal with financing."
Have you heard that? We all have from time to time. When you have a seller say that to you, you need to arm yourself with good information so you counter that. And help them understand that the market isn't comprised of a ton of cash buyers.
The good news is that there are more cash buyers that there has been. We've seen a huge uptake in cash buyers. But the current number as of today, in all across the country, is that 25% of the sales done in the country are now cash buyers.
But what's the reverse of that number? The reverse of that number is 75% of the sales are not cash sales. So they're involving some level of financing. Which means that when we list a property, we have to sell it four times in order to create a sale.
We have to sell it to the market, to get them excited about that listing. That's creating that...
We've just had some excellent news about where homeowners' heads are regarding selling their home.
The latest study shows that 67% of homeowners believe today is a good time to sell, which is one of the record highs we've seen with this kind of thought process.
But when we go deeper into those numbers, according to Realtor.com, it shows this:
1 in 10 homeowners plan to sell this year. 1 in 10!
Think about that when you're driving home tonight and you're driving through your neighborhoods. 1 in 10 of these homes that you're driving by is going to be listed in the next year!
But here's something that's even more exciting:
63% of those are going to be listing their home in the next six months.
The only question is... Who are they going to list with? Is it going to be with you or your competitor?
And if it's your competitor, why did they get the listing when you missed out? The reason is they did one thing that you didn't do:...
You'd think by now everybody that was going to refinance their home would have already done it.
Interest rates have been at record lows for months, right? But the answer is, that's not true.
There are 5 million homeowners in America that could benefit from refinancing. And here's how it breaks down, which is crazy:
450,000 of those loans have interest rates above 6.17%. Isn't that amazing In this day and age?
A million of those loans have interest rates above 4.39%.
And 3.6 million have interest rates above 4.21%.
So when we look at that, that's a huge opportunity for you to educate the market in your local area about the power of refinancing. Try partnering with a lender in your local market. And you guys could talk about that through a video or email — really reaching out and doing a good job with communication.
Now what's more powerful about this?
Did you know that when you refi a house, you don't get quite the best rate. You know...
What's one thing we all need to be concerned about?
We're starting to see inflation rise across many spectrums of the economy. And it is a little bit unnerving when we look at it. Inflation has actually crossed the 2% threshold it's actually past 4% right now.
It's different every month, but it's rising fast across all kinds of asset classes and employment. We're starting to see that real, serious pressure on wages. And a lot of wages have driven up.
We now have more job openings in our country than we've ever had recorded before. Think about what I just said: Job openings are wide open.
This idea that we have an unemployment rate is almost ridiculous because every American -- based on the amount of openings right now -- could be employed. They're choosing not to be employed in some areas or they're choosing not to go to work because of wages or whatever. But in a lot of areas, there's not just enough jobs, there's too...
Stephen is a Marine Corps veteran with a deep background in real estate sales, flipping and property management, print manufacturing, and of course, building and obtaining business credit. He has founded and led multiple successful companies and had as many as 300+ rental properties in his portfolio. Watch and listen as Stephen explain the importance of building your own business credit profile - which all of us can start doing today!
If you want a quick way to generate conversation through text with your Sphere of Influence, here's a great message that's resonating with a lot of my coaching students.
Look at your Sphere of Influence. Pull 5 or 10 people you're going to text today. And here's what you're going to say:
"Hey, have you ever looked at what your home is worth on Zillow? I'm curious as an agent, do you think it's sort of close, wrong, or right on the money?"
Watch what happens when you put this out to your Sphere of Influence.
Now, you can do it through a text or you could post it on social media. It's a great social media post and I guarantee you're going to get into a lot of conversations with people.
The end result of these conversations should be that Zillow is wrong 95% of the time.
In other words, 95% of the time, they don't get within 5% of their eventual sales price of the property. That Zillow's own data.
By the way, if you haven't looked at it,...
Have you ever heard of Dave Ramsey? A lot of us have heard of Dave Ramsey but he is someone that wasn't super popular like five years ago. But over the last few years, boy, he's really taken a leadership position even within the real estate industry.
So who's Dave Ramsey? Dave Ramsey is a financial author, consultant, and coach. He has a podcast and hosts a radio program, which is highly syndicated across the country in many different media outlets.
What Dave Ramsey is doing is interesting. Because a lot of people don't know that he's now earning upwards of $40 million a year just in real estate referrals.
What he's doing is he positions himself as someone that's the expert. And then people come and say, hey, who does Dave Ramsey trust in each of the markets to list my home? He then collects a referral fee by referring agents to his audiences.
What a brilliant idea.
But what's really interesting about this when we take a hard...
Why should somebody put their house on the market today as opposed to waiting?
I'm going to give you three reasons why somebody should put their home on the market today. And I'm also going to give you a script right now that's going to dive deep into those three reasons that you could actually put out on social media yourself.
Okay, you ready? Here's why someone should be on the market today:
1. Low competition.
Low competition means you're going to get more offers and higher offers on your home. We now have about a million homes for sale in the country. The lowest in recorded history. It's been hovering right there.
And when there's low inventory, that means the buyers in the marketplace are going to look more closely at the inventory available. It's going to drive prices up. So that's good news for us.
2. The average seller in America is receiving 4.8 offers per listing.
Think about that! That's the highest it's ever been. It's...
Jim would like to talk to you about your real estate business with a complimentary 30 minute coaching session.
During the call be prepared to discuss - Your goals for the next twelve months. Your time management and priority management strategies. Your willingness to change and adapt to a changing market landscape, and your biggest choke points - what's really holding you back
The road to transformation starts with small steps. Take your first towards a better real estate business today...