The term “boomerang buyers” refers to the 10 million Americans who were forced into a foreclosure during the housing market crash and Great Recession between 2007 and 2009. Anyone who is forced into a foreclosure must wait 7 years before they are able to purchase properties again, and since we are approaching the 10 year mark from the tail end of the recession, it would not be a surprise to see a significant chunk of the buyer’s population be these individuals trying to reenter the market. According to the National Center for Policy Analysis, about 1.5 million Americans will become eligible to re-enter the housing market in the next year, which is a huge influx of new buyers and new lead opportunities.
Learning to understand this new demographic is a good first step to trying to secure these new leads. According to market studies, most of them will be made up of individuals from Generation X, which is the generation right after baby-boomers. They will also likely be practical and cautious with their home-buying strategy, and will appreciate positive reviews and success stories from your past clients to help them build trust in you. Another good tactic is to help educate them on the potential changes to the mortgage process, as standards for mortgages have become much more strict since the disastrous crash of 2007. That, in addition to increased rates, could be overwhelming to these potential buyers, so helping them navigate these changes will also lead to an authentic trusting relationship.
This new influx of buyers were unqualified to own property until recently, so targeting current renters who have expressed interest in buying will prove beneficial. This generation is also more technologically savvy than the baby-boomers before them, so knowing how to navigate social media channels and groups to find potential leads and having an active social profile yourself will help you greatly in the long run.