DUBLIN–(BUSINESS WIRE)–The “Automation Generation United States 2023 – Customer Acquisition in a Depressed and Digital-Driven Market” report has been added to ResearchAndMarkets.com’s offering.
In a home-lending market that has seen volumes fall in the past several months almost as steeply and dramatically as they leapt during the pandemic years of 2020 and 2021, attracting customers is vital for companies with ambitions to grow. But home-finance companies are currently looking at a smaller pool of potential clients, at least in the near term.
As of May 2023, 30-year interest rates remain above 6% – more than two times higher than where they were at the beginning of 2022 – leading to reluctance among many homeowners to move, according to several housing research groups. Unfortunately, limited demand is not pushing prices down either. Buying interest is still sufficiently elevated, and the quantity of homes for sale low enough to prevent prices from falling to a level that many aspiring homeowners would find affordable.
At the same time, current mortgage rates also effectively eliminate the refinance incentive for most households. According to data from mortgage technology and data provider Black Knight, at the end of the first quarter of 2023, almost two-thirds of borrowers were holding an interest rate of less than 4% on primary liens. Few housing experts, if any, predict a return close to that threshold in the foreseeable future.
Meanwhile, many economists see a potential recession looming in the U.S. before the end of the year, while less than a quarter of consumers surveyed by Fannie Mae this spring considered it a good time to make a purchase.
The result of these headwinds in 2023 is a sluggish mortgage market, characterized by fewer likely loan candidates compared to a few years ago. This situation is making lead-generation efforts crucial for businesses who aim to remain competitive and grow their bottom line.
Key Topics Covered:
- Key Findings
- Research Methodology
- Customer Acquisition Priorities and Approaches
- Data Science Analytics, Automation and Social Media Utilization
For more information about this report visit https://www.researchandmarkets.com/r/85zce2
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