All this time at home has renters realizing it’s time for an upgrade. The amount of first-time buyers on the scene is gradually increasing, with many looking to swap their rental apartment for a place to call their own.
Yet purchasing that first home is always a bit overwhelming, even when there isn’t a global pandemic going on. Now more than ever, these new buyers are looking to strong, well-informed real estate professionals to guide them on their journey.
When working with first-time home buyers in today’s climate, communicate the following to increase your client’s confidence and help them land their dream home.
Share the Facts
Instead of leaving first-time home buyers to fend for themselves in the ever-changing media landscape, provide them with reliable information on the housing market and economy straight from the source. Share interviews from “The Brian Buffini Show” podcast with leading economists like Dr. Lawrence Yun from the National Association of REALTORS® or top mortgage bankers like Michael DeVito with Wells Fargo Home Lending. Their research shows the housing market remains on solid ground, despite an expected drop in sales activity. By sharing these podcasts with your first-time buyers, you can reassure them that now is a safe time to act.
Live in the Payment, Not the Price
When you buy a home, the mortgage payment becomes much more significant than the price of the home. This monthly payment sticks with you for years, so new buyers should be strategic to make sure they secure the lowest rate possible. Explain to your first-time buyers that because mortgage interest rates at historic lows, now is the perfect time to jump into homeownership if they have a secure source of income. They’ll pay less per month on their mortgage, which may make it easier to afford that home with the extra bedroom or bigger backyard.
Health and safety are at the top of everyone’s mind during this coronavirus pandemic. Make sure your first-time buyers understand your commitment to this! Be transparent about the ways in which you will go above and beyond to ensure their safety. Explain how you can arrange virtual tours, and what you can do to minimize in-person contact where needed. Learn what your clients are comfortable with, then customize your communication plan to fit their needs. They should be totally confident that the transaction will be conducted in a safe and healthy manner.
The world may be on pause right now, but the housing market is still moving along. Be transparent with your first-time buyers so they can take advantage of low mortgage rates and safely purchase the home of their dreams. For more tips on how to work with first-time home buyers, start binging The Pathway to Mastery®—Essentials real estate training program today so you can be prepared for tomorrow.