|Posted by Jenelle Kirton on November 29, 2016 at 4:10 PM|
2017 is expected to be the year of the newbies. First time homebuyers are being slated to dominate the housing market…are you ready to support their not so ordinary needs?
According to Jonathan Smoke for Realtor.com, first-time buyers are more than three times more likely than a repeat buyer to say that they lack the funds for a down payment. Likewise, they are 2.9 times more likely to be held back because they are subject to the terms of a lease. And they are 2.7 times more likely to say that they need to improve their credit score.
A couple tips he has for first timers are these:
1. Understand the importance of improving your credit score, to ensure you can qualify for the lowest mortgage rate.
2. If you think you need to put 20% down, because that’s what your parents did? Think again. It is possible to get a mortgage with less than 5% down. The average down payment in the U.S. so far this year (through September) is 11%.
Get yourself ready for the coming wave of homebuyers and bone up on what their needs might be. Prepare to position yourself as their ally and most reliable source of information as they navigate their way through the homebuying maze.