Marketers for any St. Cloud business want to know as much as possible about their “customer base”—the population of potential buyers who might be attracted to their product. If you are in the process of selling your St. Cloud home, the speed at which you succeed and the amount of profit that results will greatly depend on how effectively you appeal to your offering’s customer base: the folks who might be interested in your St. Cloud property.
When you take me on as your selling agent (a good idea, for sure!), you’ve relieved yourself of the vast majority of the burden of marketing. It’s what I and the resource partners I use do as a full-time job—and we’re successful at it. You can certainly let your friends and family know that you are selling your home (and what a great place it is) if you choose, but the lion’s share of marketing to the public at large will be well and energetically handled by your St. Cloud Realtor®.
Yet there is one step you can take that might be extremely beneficial to your marketing campaign. It has to do with that customer base we were aiming for: specifically, it has to do with widening it. It’s where the FHA comes in.
The Federal Housing Administration was created back during the Great Depression to spur home construction. By offering government-backed insurance that encouraged banks to offer home loans, it created jobs, helped families find proper housing, and spawned a host of other beneficial side effects. The FHA doesn’t actually make any loans itself—but it does assume most of the risk.
Today, due to a variety of economic factors that have made qualifying for a home loan somewhat difficult, it’s fair to say that the size of the customer base has not grown even as fast as the slow-motion economic recovery. Along with other factors, banks have been timid about lending due to the potential penalties for not following strict guidelines. The customer base—measured by how many potential homebuyers can easily get mortgage loans—has lagged. This situation has improved lately, but some still complain that home loan resurgence remains sluggish. Likewise, growth in the customer base.
For anyone selling their St. Cloud home, one way to expand the customer base is to make your property what you might call “FHA-Friendly”—that is, transparently a good candidate to qualify for an FHA loan guarantee. This isn’t the place to go over all the details about how that can be accomplished, but if your asking price is within FHA guidelines for our region and you are confident that 00 defects will be found during the home inspection, much of the goal will have been attained.
If you will be selling your St. Cloud home this fall or winter, now is a very good time to give me a call. FHA-friendly or not, we’ll make sure your customer base is primed and ready!