It’s probably no surprise for real estate professionals to know that the spring market has started early this 2017. However, for many buyers who do not have access to all the information that agents have, many probably do not know nor appreciate that the best time to start their home search is now. That being said, there is no better time for real estate leads prospectors to reach out to your prospects and let them know that a great sense of urgency is needed especially if they wish to get the home that they have been wishing for all this time.
With a flood of buyers in the market this spring, anyone who is truly motivated to buy a home needs to be prepared to get ahead of the race or else risk losing the home of their dreams. Here are 7 things that agents should advise their buyers to help them stay in front of the pack.
Get preapproved… Now
Financials is the first, and possibly most crucial, step to getting started in the home buying process. Important as this may be, it is a sad fact that real estate leads prospectors encounter a lot of resistance when it comes to this subject matter. A lot of buyers feel that they don’t need a pre-approval until they find the home of their dreams, only to enter a nightmare when they DO find that home but end up not getting that much-needed pre-approval.
Especially in spring where the market is swarming with buyers, agents should let their buyers know the importance of getting pre-approved even before they make that home search. If your team has a preferred lender, what better time to endorse your buyer to your partner and assure them that you have been working closely with your lending professional and that you are confident that they can get their financials straightened out.
Getting your buyer pre-approved is like getting a boost of nitro in home-buying race track.
Cash, you say? Prove it
Although cash-buyers seem to be very enticing to most home sellers, a lot meet this with skepticism. The last thing any seller wants is to waste time showing their property to a supposed cash buyer and find out that this person can’t afford.
With that, it is important for cash-buyers to be prepared to show their financial statements. It is a win-win for both parties since 1) the buyer will know exactly how much he/she is willing to shell out and 2) the seller will know if the buyer is indeed a serious one and can truly afford the home.
Being a cash buyer is already an advantage. All a buyer needs to do is prove it.
Now is not the time for drastic financial changes
Thinking of buying a car or changing jobs? If a buyer is truly motivated to get ahead in the spring market, it is best to advise them to avoid these major financial changes. Financial situations such as these have a great impact on a buyer’s ability to purchase a home. For one, depending on a buyer’s financial capacity, it may affect the loan pre-approval. There is a chance that a buyer can be denied unless he/she settles this items first.
Now, what if a buyer decides on these financial changes after a pre-approval has been given. This now leads to the next item on the list.
Know how much you can “really” afford
Yes, let’s get real. Pre-approved or not, any home buyer has a pretty good idea how much he or she can truly shell out every month to pay for a home. A pre-approval is given based on the financials that the lender has, but this may not include the kind of lifestyle that the buyer/borrower wants to maintain. It is this “reality” that leads to loans (despite a seemingly hefty screening and approval process) ending up as foreclosures.
No one wins here. So, motivated as a buyer may be, let’s be honest and realistic with what we can afford.
Understand your current homeownership status
Is your prospect renting? Do they own a home and have a mortgage to pay-off? This is another hurdle that you should discuss with your prospective buyers. If they are renting, are they on a long-term lease or are they month-to-month? If they are long-term, is it possible to get out of the lease, especially if they find the right home now? Do they own a home that they must sell first or have a mortgage that needs to be paid-off?
Answering all these questions will determine what first needs to be done to ensure a smooth and seamless home search. With your help, your buyers can rest assured that they can get their home purchase moving or, at the very least, give them options on how to proceed.
It’s not always about the money for sellers
This is something that buyers probably do not know. Most home-buyers would think that the only thing that matters to sellers is the amount of money that they will net in their pockets. While there is some truth to this, there are other factors that sellers take into consideration when selecting offers. If your buyer finds a home that has 10 offers being presented to the seller, it would help to find out what your buyer can offer that other don’t. It can be as straight-forward like a higher down-payment or something as subtle as letting the seller know how special the home would be for the buyer.
Which leads to our final tip.
You are here to help
Yes. No matter what it may be, as an agent, this is where your prowess comes in—to help your buyers go through the home search and home buying process as easily as possible. So, do let your buyers know that you, especially if they hire you as their agent, are on top of things and will do everything realistically possible for them to get the home of their dreams.
Spring is an exciting time to buy a home, but it does have its share of challenges. Letting your buyers understand these hurdles and helping them get passed them is a crucial first step to a successful home purchase.
More information and tips to help you move forward with your home buyers are available at http://www.RealEstateLeadsProspector.com. Reaching out to people and building solid connections between you and your prospects is our passion. Know how we do it. Call 407-401-9225.