First Time Home Buyers

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Are You A First-Time Homebuyer? Do You Need Help?

Here's What I Know:

First-time homebuyers need more from you than just help finding the right property. According to recent surveys from NAR, first-time homebuyers have more financial obstacles than repeat buyers.

The January to June 2013 REALTORS® Confidence Index surveys say that 46% of first-time homebuyers had a down payment amount of only 3% to 6%, while 46% of repeat buyers put down more than 20%. First-time homebuyers also tend to have more student-loan debt and lower median FICO scores.

So how can you help first-time homebuyers who face challenges atypical of other buyers? Here are three ways:

Outline financing options. Data from the survey shows that 91% of first-time homebuyers purchased their home using a mortgage loan. First-time buyers may not know about different programs available in your market and may not understand the different types of mortgages available.

Explain the steps of the transaction early in the process. If you’re in a hot market, your homebuyers may not have much time to spare to get the property they want. Help your first-time buyers understand each step of the purchase process before they find the perfect home so they can feel confident to move quickly if necessary.

Have experts on your side. Of course you’d like to be able to answer all of your first-time homebuyers’ questions, but don’t be afraid to put them in touch with other experts if you can’t. Whether it’s a chimney expert who can explain upkeep or an accountant who can crunch some numbers, your first-time buyers will appreciate having extra expert information from your connections.
Texas Association of REALTORS®

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