This COVID-19 pandemic is not a reason for homebuyers to stop seeking new residences. Individuals and families continue to look for homes amid the global health crisis. Some may be due to wanting a fresh space to live in, while some might be looking for more safe places for their families. For excited first-time homebuyers, finding a new residence during this time could be a challenging experience.
First-time homebuyers are prone to being impulsive and naive when it comes to real estate. It is the job of real estate agents to tone this down to allow them to have sound decisions for their very first home purchase. There are some misconceptions that first-time homebuyers believe in, and these must be debunked before they embark on the journey of home buying.
As a real estate agent, it is your responsibility to get to know your clients’ needs and how these needs can be met through your prospective properties. This is why real estate agents need to know the available properties in the market to provide the clients with enough options. Be mindful of the available house and lot packages that may apply to your clients’ lifestyles and preferences.
Homebuying Myths
Many first-time homebuyers are eager to make their first major purchase and get on with it. However, there might be barriers to making sound decisions due to their common misconceptions about the real estate industry. Here are some common myths about home buying that need to be debunked before buying your first home.
One of the misconceptions that first-time homebuyers have is how renting might be cheaper than buying a home. While renting may seem cheaper in the short term, there are certain factors that a client needs to consider, such as building equity and large tax deductions.
It is important to buy something that a client can get a great return on instead of opting for their ultimate dream house right away. This might be a common misconception, especially among younger buyers. These young buyers should take advantage of the fact that their purchase has not yet been affected by life circumstances they cannot control.
These are only a couple of the common myths surrounding home buying. First-time homebuyers need to educate themselves about the current market before diving into the purchase process.
Advice for First-time Homebuyers
After debunking some myths that some first-time homebuyers may believe in, you may need some advice on making the right decision. Buying a home is a big-ticket purchase, and you would want to make the most out of the money you will be spending. There are some considerations you need to think about before making the right choice.
As first-time home buyers, these clients will have to consider what type of residence they are looking for. They have to consider their lifestyle needs and if the neighborhood or area surrounding the home can provide that. In line with this, the client needs to be familiar with what home features they will need and want.
It is also important for these clients to check their financial health before venturing into home-hunting. They have to check their savings and review their spending to see how much they can truly spend on a home without sacrificing their daily expenses.
Ensure the home is inspected for quality and safety no matter how pristine the home may appear. It is always best to be cautious when it comes to buying homes. A home inspection is a serious job that needs to be done before finalizing any deal. If repairs are needed, you may have to negotiate the price.
These are some considerations that a client will have to think about before buying a home. As a real estate agent, you may assist them in this initial home buying process to make the experience run more smoothly. Provide insights on the situation and make it a pleasurable journey for the clients and their families.
Role of Real Estate Agents
As a real estate agent, you have to understand the perspective of the first-time homebuyer. Be ready to listen to their needs and allow insights and new ideas regarding their concerns. It is best to hone your communication skills as a real estate agent to engage with your clients more effectively. First-time homebuyers can be excited and anxious, so it is best to appear confident and knowledgeable about the industry.
Being a first-time home buyer in the middle of a pandemic is no joke. It can induce anxiety and overwhelming emotions, but with the proper information and guidance, these clients will make the appropriate decisions that are suitable for their families.
