Posted on by Bob Ottaway

WILL YOU BE READY?

This was a big week for homeowners and prospective homeowners, as the minutes of the FOMC (Federal Open Market Committee), which sets the Federal Reserve’s policy, not only left rates unchanged for the third (every other month) meeting in a row, but they forecast three rate cuts will occur in 2024.  What does this mean to you?

 

  • MORE BUSINESS:  Since your business is tied to people to home ownership and people selling their homes and moving, a rate cut by the Fed will lower the prime rate, which will, in turn, lower the cost of a mortgage as well as your cost of financing jobs.
  • LOWER MONEY RATES:  Right now the prime rate has been 5.25%–5.5% since July.  This has resulted in a mortgage rate in the 7% range and slowed home, auto and other high-cost financing items, like roofing, HVAC installations and the like.
  • LOWER PRIME RATE BY END OF 2024:  The Fed is now predicting a prime rate of 4.6%, almost a full percentage point from where it is now, by the end of 2024.  This will lower your financing costs and make your services more attractive to prospective customers.
  • “MOVES OF NECESSITY” WILL DRIVE DEMAND IN 2024:  People will be dealing with job changes, family situation changes and downsizing for a more affordable market, according to Danielle Hale, chief economist at Realtor.com.  This means business for you as people fix up their homes for sale, buy new homes and want to upgrade.
  • YOUR WEBSITE MUST BE READY:  You already know that your website is your best new prospect tool after referrals and prior customers buying, so your website must be optimized and deliver leads for some sets of keyword phrases.  If not, you will not cash in on the forecasted demand in 2024.
  • DON’T WAIT TO GET YOUR SITE READY:  That’s because the AI at Google is set up to increase your site’s rankings only after a month or more of testing.  Changes today won’t be realized until February or March.  Act now to be prepared for new business from these rate cuts, which some are forecasting could begin to occur as early as March.

 

Onward and upward!

For more information:  https://superiorhomeservicesmarketing.com/blog/how-to-manage-your-roofing-companys-google-customer-reviews/