According to a new survey from Fannie Mae, many potential buyers are interested in buying a home, but aren’t ready to pull the trigger just yet, despite feeling more confident about the economy. Whether they’re waiting for their financial situations to improve or they’re patiently keeping their eyes out for the perfect home to buy, here are a few ways to get them off the fence.
Explain the benefits of homeownership. If your potential clients are renting, explain the benefits of owning a home. From the freedom to paint the walls hot pink to deducting their mortgage interest on their taxes, there are many benefits to owning property. And, in many areas around the country, it’s cheaper to buy a home than it is to rent.
Mortgage interest rates are still low. Although interest rates have already reached their lowest point and are expected to increase, they’re still lower than they’ve been in the past. Remember the 70s and 80s when interest rates were in the teens? Enough said.
Remind them that buying a home is a process of elimination, not a process of selection. Many buyers are on the hunt for the perfect home that ticks all of the boxes on their wish list. However, finding a home that meets all of the criteria is akin to finding a unicorn. Instead, encourage them to look for homes that meet some or most of their criteria, and eliminate their choices from there. Remind them that they may be able to remodel the home to fit their needs, or sell it in a few years if their needs change.
Encourage them to think long-term. The real estate market is always changing, and a home is a long-term investment. While a property may not be worth much now, that could change in the future, especially if they make improvements to it. Remember, while a home is an investment, it’s most importantly a place to live and enjoy.
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