Top Tips for Selling to First Time Home Buyers

Fresh out of college or newly married couples may still have stars in their eyes when it comes to buying their dream homes. However, today’s first-time home buyers are much more savvy than those of a decade ago. Especially in the midst of economic crisis, those in the market for a home have a lot of questions. Here are a few ways you can guide them through the process with a mutually satisfactory outcome:

1. Settle the Rent vs. Buy Debate
It is simply logical to spend money on things that will pay you back. Show your clients how renting is basically throwing away their money each month when they could be investing in a property that appreciates over time. Rent costs have been rising since 2009, but there are many ways to save money when you own your home.

2. Let Them Know This is a Great Time to Buy
Most people are aware that this is a buyer’s market due to news reports and economic concerns. However, you can be an educator by showing your clients the numbers. February of 2012 marked the lowest rates in the last 40 years of mortgage history. Be prepared with reports that prove this for your own credibility.

3. Be Aware That Needs May Change
For the purpose of finding a great deal, your client may start the process interested in buying a foreclosed property. The flip side is that many of these properties are in disrepair, need fixing up or have been vandalized. This may discourage potential buyers. It is a good idea to reevaluate after looking at a few of these properties to make sure the client still has the same goals.