In the new decade, owning a home may seem like a far-fetched goal. As home buyers are facing an inventory shortage, especially for entry level homes; home prices and rents are continuously rising. However, wages are still the same.
The whole homeownership process is still very much a mystery to many buyers and renters. Here, affordability and saving for a down payment are some of the top concerns, keeping home buyers on the sidelines. But there are some positive trends evolving and developing.
At Isatou Properties, we’re encouraged to hear from many agents who help new homebuyers overcome certain challenges and help them find Everett WA houses for sale. According to some experts, the next three or four years are expected to produce more first-time homebuyers than at any point since the recession. The future of the housing market is bright in short.
4 Ways Modern Agents Empower New Home Buyers
1. Dispel outdated homeownership myths
Agents are the primary gatekeepers and they help dispel myths that may cause buyers to self-select themselves out of the market. It’s shocking that 65% of homebuyers believe they need 15% down or more, even though the average first-time homebuyer down payment is now just 6% and could be even less; thanks to available homeownership programs.
The term “first-time homebuyer” applies to more homebuyers than you may wonder. As per HUD guidelines, a first-time homebuyer is the one who has not owned any home in the last 3 years. Also, approximately 41% of programs don’t have any first-time homebuyer need, opening more opportunities for repeat homebuyers.
2. Leverage the experts
Some agents prefer avoiding down payment assistance programs just because they don’t feel like an expert in the available program.
However, modern agents know they can leverage their state and local housing finance agencies. They can also leverage participating lenders to help their homebuyers apply for down payment assistance and access homebuyer education. By creating new partnerships, agents don’t have to avoid first-time homebuyer business. This will help them raise awareness and connecting buyers to the experts. In short, it’s a win-win situation.
3. Meet buyers where they are
Nowadays, consumers aren’t afraid of doing their homework. Researches reveal that homebuyers are doing online research way before engaging an agent, even though most will finally work with one. To meet homebuyers online, agents are using their websites and social platforms to offer first-time homebuyers content and guides.
4. Highlight solutions
Agents are most likely serving millennial peers that may be struggling with saving for the down payment and rising rents. Also, they understand that homebuyers may be overlooking important resources like homebuyer education and down payment assistance. It’s a totally unique generation today as buyers are very receptive to information about down payment programs.
New homebuyers face real homeownership issues and challenges, but there are actually more solutions available than they may think about, including down payment assistance.
If you are a new homebuyer, look for professionals that can provide this type of service and guidance to you.
If you are a professional, look for opportunities to invest in what will help new home buyers find WA Houses for Sale. With this, you’ll be building your own future too. Get in touch with us to discover Homes for Sale Lake Stevens Washington.