A buyer spends an average of four months looking for a home that they will share with some combination of spouse, partner, children, parents, roommates, tenants and pets. In fact, 86 percent of all buyers who purchased a home in the past year live with someone else, this requires emotional and financial calculations as buyers look for a home that meets everyone’s needs for space, privacy and togetherness.
Although the typical buyer is a well-educated 41-year-old couple who has previously owned a house, buyers are increasingly younger and new to the process of home buying.
Are you ready to educate new buyers about the complete home buying process?
AGENTS ARE SEEN AS A STRATEGIC PARTNER
Today’s buyers need more than a down payment and a mortgage to buy a new home. They say they also need a partner who can guide them through the home buying journey. Mortgages are a worry of 54% of buyers who seek financing and down payments are a source of strain, reflected by the fact that just over half of buyers put down less than 20 percent on their purchase.
HOME BUYING IS PERSONAL
Buyers place a tremendous amount of trust in agents throughout the process, which may explain why trustworthiness is the most important quality they look for in an agent. They trust agents to provide guidance on legal terms and requirements, expertise on negotiating the offer and much more. Yet still, home buying remains deeply personal. Although most buyers rely on agents to help them with many decisions, nearly half say that they alone decide whether a home is right for them.
At some point during their home-buying journey, 43% of buyers consider renting, this likely a reflection of the frustrations of the home search and applying for a mortgage. Yet, those who stay in the journey are rewarded with a new home!
Are you educating your clients enough about the home buying process so they don’t back out? WE CAN HELP…LET’S GET STARTED TODAY!