Illustrating the Financial Opportunity in Housing in Erie County, New York

How are you illustrating the financial opportunity in housing to your clients?

ErieNew YorkWith MBS Highway's Real Estate Report Card, you can show your clients the value of homeownership using market data specific to their county or even zip code.  Not only does this give prospects the confidence to move forward with their home purchase, but this level of personalization delivers a unique and memorable customer experience.  It will also help you become a more valuable resource to help foster more fruitful referral relationships.

Let's break down the valuable information and insights found on MBS Highway's Real Estate Report Card for Erie County, New York.

Home Values in Erie County, New York

The real estate report card presents the median home price, average cost per square foot, and historical and forecasted rates of appreciation.  Using this information, you can help your clients:

  • Quantify the opportunity in homeownership in Erie County, New York: Applying the forecasted or historical appreciation rate to the purchase price of the home allows your buyers to estimate the potential gain in appreciation over the first five years.
  • Evaluate bid over asking price in Erie County, New York: For customers considering if it is a good idea to bid over the seller’s asking price, compare the amount over asking price to the value gained using the one to five-year appreciation rate for valuable context.  This can help them determine if it’s a good idea and a potential breakeven point.
  • Inventory and Demographics in Erie, New York: By looking at local demographic information, you can show your clients how market demand matches up with housing supply.  In cases where there is an inventory shortage, you can create a sense of urgency and show the supply and demand imbalance, which supports the forecasted rates of appreciation.  To have this discussion with a client, you need to consider 3 points of data from the report card:
    • Household formations in Erie County, New York: Estimates how many new households will be formed each year, which represents demand to buy or rent a home.
    • 1st time Home Purchases to be taken from inventory in Erie County, New York:  Of those counted in the household formations figure, this is the estimate for how many will purchase a home based on the area's homeownership rate.
    • Actual homes being built in Erie County, New York:  Comparing the number of homes being built to the demand for homes to be taken from inventory will help you to explain the inventory shortage or surplus in your customers' particular market.

The Real Estate Report Card is just one of the many tools in MBS Highway that will help you convert more prospects into homeowners and be a more valuable resource to your referral partners.

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