Homeowners, especially millennials, are tapping into their home equity to take advantage of the increasing value of their homes.
Marketers – you need to take notice of these statistics. Your next big market is the Millennial cohort. We know they are in the market to buy “things”. How can you make them aware of what you offer so they can buy from you?
These numbers were shared today in DS News.
- Some 21% of surveyed homeowners reported having over $100,000 worth of equity in their home, followed by a combined 41% who said they have between $50,000 and $99,999 in tappable equity
- An estimated 44% of homeowner respondents plan to take out a home equity loan this year (as compared to 11% who said they don’t know enough about home equity loans to consider them)
- Of those homeowners, 49% of millennials say they are likely to take out a home equity loan (as compared to 44% of Gen X, 41% of Gen Z and 12% of baby boomers)
- Roughly 73% plan to use the money to make home improvements, while 20% plan to use the money to pay off debt, including student loans
Direct Mail for Mortgage Offers
When other mortgage marketers are dropping out, the smart ones are stepping up. This is a great time to be first and foremost in the mailbox of millennial homeowners.
Consistency counts. Reach out to the right consumers, make your message stand out and keep plugging away. You will generate new leads for your mortgage business.
Target – target – target. Marketers who do their homework will get a solid response. That means targeting the right prospects with the right offer as the right time.
When it comes to financial offers, direct mail is the top marketing channel because it is viewed as the most credible medium.