According to Zillow, new work-from-home jobs could result in nearly 2 million potential home-buyers. According to the study, “Three-quarters of Americans working from home because of the coronavirus say they want to continue if given the option, and two-thirds say they would consider moving if given that flexibility.”
Before the pandemic, house options were tied to job locations. Distance work now offers them options in new areas. The study focused on renters earning wages too low to buy a home where they currently live. They then considered if their wages were high enough to buy one elsewhere. Millennials make up nearly half of that two million that fit those criteria. They expressed more interest in living in suburban or rural areas than older generations.
Education will play a key role in helping these people become home-buyers. Many do not know of the incentives for purchasing homes in rural areas, or those for low-income families. By finding individuals when they start to consider buying a home, lenders help them become well-prepared mortgage borrowers.
Now what?
To find these individuals, lenders must know where to look. Almost half of the two million potential buyers will be between 26 and 40, and very tech savvy. They use primarily online tools to search for homes and mortgages.
To see things from their perspective, lenders must evaluate their lending processes from the borrower’s perspective. How is their online experience? What still takes place in person? Does the lender keep their data organized or spread across multiple programs?
If there are any faults in the process, consider what can be done to make it more approachable. See where online customer service, including chat functions and blog resources, can expand. There is a wealth of software available to lenders to keep processes organized—this stores data on applications and borrowers in one place.
By analyzing processes now, lenders will be in the right position to capture the wave of borrowers when they begin looking. When jobs finally announce permanent work-from-home opportunities, online resources should guide new incoming borrowers to lenders’ applications. Changing to keep up means things have already fallen behind, so remember to always change to stay ahead.