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Why Philadelphia Kitchen & Bath Remodelers Need To Advertise Now

May 19, 2021 8:29:51 AM / by Larry Julius

In 2021, according to Nielsen, 417,066 Philadelphia area homeowners are expected to spend $2.5 billion on kitchen and bathroom remodeling. This would be an increase of 16.8% increase over last year. Sales estimates are based on data from The National Kitchen & Bath Association (NKBA).

Because of the ongoing pandemic, 2.9 million Delaware Valley homeowners are in the process of reassessing their living spaces.

According to the NKBA, homeowners cite the kitchen and bath areas as two times more important than other spaces within the home, and the kitchen particularly gained status throughout the COVID-19 pandemic, with 70% of homeowners considering it extremely important compared to 64% before the crisis.

“After such a strong year for home remodeling in 2020, some wondered if we were approaching a home improvement spending ‘cliff.’ We’re pleased to say that’s not what the kitchen and bath market is expecting in 2021,” said Bill Darcy, NKBA CEO.

“Last year, homeowners started the work of improving their living spaces with DIY projects. And this year, with early distribution of the vaccine and other measures to reduce the public health impact of the virus, we expect to see continued renovations and more projects requiring our members.”

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Topics Home Improvement, best time to advertise, consumer spending, radio advertising, home remodeling, home values, homeowners, best way to advertise in philadelphia, contractors, construction

Banks and Credit Unions Reach ReFi Customers On Philadelphia Radio

Sep 11, 2020 2:55:18 PM / by Larry Julius

There are approximately 862,000 households in the Delaware Valley with existing mortgages, according to the US Census Bureau, American Housing Survey. The median amount owed on these homes is $150,000.

Yesterday, there was extraordinary news for many of these borrowers and for Philadelphia area banks, credit unions, and mortgage companies

According to The Federal Home Loan Mortgage Corporation (Freddie Mac), mortgage rates have hit an all-time low of 2.86%.

 
With interest rates at this new level, 20 million American homeowners can now refinance their existing mortgage, according to Black Knight, a data analytics company specializing in homeownership life cycles. 
 
By refinancing an existing mortgage, a Philadelphia area homeowner could considerably reduce the length of their loan or lower the amount 
of their monthly payments.
 
Local banks, credit unions, and mortgage companies create a great deal of revenue from refinancing. 
 
Generally, a lender can expect to earn two to five percent of the loan principal amount in closing costs, according to BankRate.com. For a $200,000 mortgage refinance, for example, closing costs could generate between $4000 and $10,000.
 
For Delaware Valley financial companies to claim a significant share of the expanding refi market requires advertising. By any metric, advertising on Philadelphia radio is the most effective way to reach homeowners.
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Topics Best Way To Advertise, Advertise On Philadelphia Radio Stations, radio advertising, mortgage, mortgage rates, mortgage broker, bank, advertise on radio, credit union, homeowners, refinancing

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