Despite the economic hardships imposed by the Coronavirus crisis on Tampa Bay consumers, the demand for real estate is booming.
The Wall Street Journal published a trend yesterday indicating that mortgage applications for purchase a home have achieved levels equal to last year.
According to redfin.com, home buying demand is 16.5% higher now than it was pre-COVID-19 on a seasonally adjusted basis.
Redfin attributes this explosive growth in real estate shoppers to two factors, including record-low mortgage rates. The other primary driver is a migration trend from expensive metropolitan areas as buyers hunt for more space at lower prices.
To capture a larger share of the robust market, local real estate agents need to stand apart from the millions of Google results. Advertising on Tampa radio will help accomplish this. Here's why.
Research from Nielsen indicates that among consumers who postponed purchasing a new house because of the pandemic, 11% of loyal radio listeners say they intend to complete the purchase within 12 months. This is 22% more likely than the general population and 57% more likely than loyal TV viewers.
Also, according to Nielsen, each week Tampa radio reaches more consumers planning to purchase a home than all other media. This includes local TV, newspaper, pay-TV, social media, or streaming audio sites like Pandora and Spotify.
Finding prospective buyers for homes, though, is only part of the job for a local real estate agent. The other component is earning the listing from the homeowner is the other part.
According to Nielsen, Tampa radio reaches 93% of local homeowners who are planning to sell. Again, this reach is superior to all other media.
The commissions earned by real agents are based on the sale price of the home. Advertising on Tampa radio also has the biggest reach among owners whose homes have the greatest value.
The major housing authorities are predicting that current mortgage rates will remain consistent through at least August before ticking back-up. Higher rates could soften the market. That's why Tampa Bay real estate agents need to advertise now to attract both buyers and sellers.