First-time homebuyers consist of a large population in the real estate market and they continue to grow. Since this category of buyers are crucial, this article is to show you the characteristics of this category before you venture into it
“Working with first- time buyers is challenging, and this is because buyers are typically younger, inexperienced and most times overwhelmed by the logistics of buying a new home” -This is According to Judy Crockett, a real estate agent and certified residential specialist.
6 things to know about first-time buyers
Kind of homes
While venturing into the category first-time homebuyers, it is necessary to observe the attributes of the kind of houses or properties. A large percentage of first-time homebuyers seek a single family home, the rest, townhomes, condominiums and unconventional houses.
Kind of loans
Because of the massive loan programs that are easily obtained for first-time homebuyers, you should also get acquainted with those obtainable in your neighborhood. Get acquainted with all the pros and cons of it, FHA loans, fixed and adjustable rates, and VA loans. Your clients who don’t know all this will thank you for the knowledge.
Kind of taxes
Ensure that you clients are aware of the options available for first-time homebuyers, like capital gains exclusion, mortgage interest deductions and others. Knowing all these can be an advantage, as your properties can sell well
Flexible negotiations
Because first-time homebuyers see their first procurement of a property as an investment, they tend to be flexible when negotiating. Make them feel at ease when buying the properties and they will appreciate your ideas and suggestions.
Marketing strategies
There are various tactics and ways in marketing that can have a lasting effect on first-time homebuyers especially on the internet. Establishing a website just for first-time homebuyers is a great asset that can lead a lot of buyers to you. Making effective use of social media and content marketing makes you available on Google and that’s where most buyers go to search for properties. Enroll in our marketing courses for more ideas in marketing.
Lots of questions
Buying a property, especially for a first-time homebuyers is so exciting, but also tough on time. There’s going to be so much questions the first-time homebuyers will ask. It is necessary to respond to such questions honestly and with well informed answers. By doing so, you could help them relax and they’ll gain your trust. Ref: mckissock
