Help Your Clients Avoid Mistakes When House Hunting This Summer

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August 23, 2018 | By RGR Marketing Blog

How to Help Your Clients Navigate a Tricky Mortgage Market

Summer is upon us – known in the real estate world for being the boom time, this peak season tends to be when sales go up and prices go down. These are all generalizations, of course, but within each of them is some truth. There are more listings in the summer and more people look to buy and move during the summer as well. As the season comes to a close, prices often do drop.

But there are also some common pitfalls to buying a home in the summer—pitfalls that may not be obvious to first-time buyers.

Navigating the real estate market can be very challenging for first-time homebuyers and even for folks who may be purchasing their second or third home. The first real estate professional many buyers encounter is their mortgage broker. The type of service that earns referral business from friends and family can be delivered in the way of helpful tips that aid your client in finding their way through to the best home that they can afford.

Riding Out the Summer Wave Until Prices Drop

There are pros and cons to coming into the housing market right at the beginning of peak season—the beginning of summer. As mentioned above, more homes come onto the market in the summer time, and real estate agents shift into high-gear, pairing prospective homebuyers with homes that they both love and can afford. More inventory on the market means less competition for prime offerings, but it also means peak pricing.

As the season progresses and inventory gets purchased and removed from the market, so too are buyers leaving the market—once they’ve selected and purchased a home. The properties remaining on the market can begin to feel like they’re getting a bit long in the tooth by the time that September rolls around.

Prices often come down at this point and what may have been outside a prospective buyer’s budget can be affordable if it doesn’t sell through the first few months of the season.

Explain this reality to your clients. Let them in on the natural fluctuation of inventory and prices that happens every summer. They may choose to purchase the first house they tour, regardless, or they may continue to look throughout the season, hoping to score a higher-priced home at a discount later on.

Keeping a Critical Eye, Even When the Sun’s Out

This may seem obvious, but it’s a common problem for prospective buyers. Most homes look their absolute best when the sun is shining, the curb-appeal plantings are all in bloom, and the trees are fully leafed out.

In fact, a home can look so good to a prospective buyer in the summer that they will overlook a wide variety of warning signs that will come to haunt them once the weather shifts in the fall. The memory of blooming flower beds won’t do much to console your clients much come winter if they buy a home without getting the failing roof replaced as a condition of their purchase.

Finding the Right House in the Right Neighborhood

Another common mistake many homebuyers make is not investing the time to really investigate their potential neighborhoods—opting instead for a short list of criteria about the home they are looking for in the price range they can afford. The old adage “location, location, location” applies to buying a home, as well.

After all – you can do much to improve the condition of a home, but moving it to another neighborhood is typically off the table.

Also, counsel your clients to look for undervalued properties in terrific neighborhoods. A fixer in a great neighborhood can provide much more return on investment over the course of repairing and remodeling it than a nice home in a poor neighborhood.

Are you on the hunt for more mortgage prospects? Get in touch with RGR today, and buy high quality mortgage leads to fill your sales pipeline with just the kind of leads you’re looking for.

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How to Help Your Clients Navigate a Tricky Mortgage Market

Riding Out the Summer Wave Until Prices Drop

Keeping a Critical Eye, Even When the Sun’s Out

Finding the Right House in the Right Neighborhood

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