Okay guys, you've heard me talk about forbearance. I'm going to give you another opportunity within this market that you're all going to want to take advantage of right now.
So we know right now there's 1.86 million homes that are in forbearance. It's about 3.5% of all the mortgages in America.
So when you look at that number, it sounds like a scary number. But 87% of those folks have 10% or more equity.
Now, here is the kicker behind that:
The 12-month period of time that the CARES Act provided is coming to an end for a lot of people. Hundreds of thousands of these properties are now having their forbearance ending.
And this is starting really at scale in September when 450,000 of these homeowners are now going to be at the end of their forbearance period.
Now here's the good news:
87% of those folks have 10% or more equity because we've had such a massive equity buildup over the past 12 months. So they can actually sell. They're not underwater. They can sell and escape their home.
Now this is where we have to have some good messaging.
We need right now to get out on social media, maybe through an email, through whatever kind of communication you want to do, but you've got to talk to your sphere of influence and just say:
"Hey, you might be aware that several people — maybe people that you know — in our community have taken advantage of something called forbearance. During COVID, there was something called the CARES Act, which provided some relief for mortgage holders so they could avoid making some payments and get some reduced payments. But the maximum period of time that people could be in that was 12 months. For a lot of folks that's ending now and they may need to sell their home in order to move into a rental or find something a little less expensive.
So if you know anybody who's had some forbearance with their lender and now that's coming to an end, I would love to help because that's what I do. And they may be surprised at how much equity they built up because just in the last 12 months across the country, home prices have gone up 23%."
That's the kind of message that we've got to get out. And we can position ourselves as an expert by just having that conversation.
Best way to do it is with video. But you can also do it through a script.
So just think about that. There's an opportunity.
450,000 homes and a lot of those are going to come up in your community, hundreds of listings available potentially in your community.
And then the next month, there's 250,000. And in the month after that, there's 150,000.
So there's a ton of listing opportunities coming down the pipeline right now.
You just gotta get in front of it and take advantage of it. Hope that helps you have a great day and good selling.
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