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 comes to buying their next house. They can easily get another loan. Some of them might still have cash. They could get a bridge loan on their current home. Or they could refinance their current home to purchase their next house.
Now isn't that a powerful thing?
Because now the pressure of "finding their next home" goes away. They can completely focus on just being buyers.
Now, the reason I bring this up is because those 38% of sellers in this market are in this "Power Play." They're in a power position.
We often think that people are kind of trapped when they have a mortgage and don't want to have two mortgages. So they're afraid to make a move because that don't want to get trapped being homeless.
But 38% of sellers are not in that position.
Let's think about how we could target those folks. The beauty of this is that there's a lot of systems out there that will give you a list of people that have a 100% equity or no mortgage on their home. There are systems out there like PropertyRadar and REDX, which will give you great data about who has a mortgage and who doesn't.
You could target those folks as people you market to. And in this market, that can be a powerful advantage when you're doing marketing.
So that's just something to consider — another idea for you out there to think about.
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