Your Mortgage Marketing Should Encompass Seasonality
It’s well established that home buying has a seasonal aspect, both psychological and physical. Spring and summer generally provide better weather, kids are out of school and more open to change, and there is a general feeling of growth and transition after the comparative dreariness of winter. Home sales generally increase during this season.
Fall and winter weather can make it challenging to get to potential homes, and it may be difficult to show a home in the best light without spring greenery and flowers to serve as an accent. Kids are established in their school routine. Holidays serve as a further distraction. Naturally, home sales decrease during this time.
You can’t change seasonal home buying trends – but you can understand them and learn how to manage them.
Know Your Local Market
Of course, your interest is in your local market – and that market may have completely different and even contradictory trends to other regions. For example, the real estate market near popular winter destinations may see greater activity in the winter, since potential homebuyers see it during its most lively season.
Make sure that you fully understand the local trends of your market. Don’t just rely on hearsay and conventional wisdom – look over the historical home sales data in your area. Do you see typical seasonal trends? Do you detect any trends that are independent of the season, such as unusually hot or cold neighborhoods?
Use Seasons to Your Advantage
Armed with data, you can set your marketing campaign to match local trends. For example, you may be able to take advantage of the late winter doldrums with a deadline-based campaign. “Beat the springtime crowds and start looking for your dream home now – before somebody else buys it first.”
Of course, the urgency angle works in the summertime as well. Many homebuyers would prefer to be settled in before schools start and the fall season arrives.
Don’t Forget Non-Seasonal Factors
Seasonal aspects can either be undercut or enhanced by housing supply changes, interest rates, and other external factors. Be sure to factor them into your marketing campaign, hammering home the angle that now is the best time to buy regardless of seasonal conditions.
Is supply drying up in your area? Convince people that they should act now to take advantage of the remaining available homes before spring arrives and demand heats up. Is supply on the rise? There’s never been a better time to take advantage of the wide variety of homes available, and spring is the perfect time to shop.
Get the idea? There’s always a positive spin to be applied, and it’s your job to apply it.
It’s Always Mortgage Season
Home sales patterns may be seasonal, but you should try to use the many overlapping factors and patterns to spur mortgage demand during difficult times and manage mortgage demand during good times. It all starts with a thorough, data-based understanding of your local market, and it comes to fruition through your diligent efforts.