Most Realtors want a well-informed home Buyer who’s prepared to take on the responsibility of home ownership. Of course, not everyone is enlightened about the home buying process when they start out to purchase a home. This is true for first time home buyers and some repeat home buyers who have not purchased a home in the last few years. One way we like to get Buyers prepared for homeownership is to provide the Buyer a homebuyer education information class before they launch their search.
We conduct free homeownership readiness classes for prospective clients, which includes the entire residential home buying process. This will include discussion by ourselves covering the home buying process basics, Mortgage Lenders, Title Companies, and Home Inspectors. There are also some community programs. Homebuyer courses aren’t just a benefit to consumers; they’re good for the Realtor as well. If we take the time to educate our clients about what’s expected before we even put them in our car, it’s going to be easier for everyone to go through the transaction.” That means fewer delays and potential less stress for the Buyer.
Many Americans are still facing obstacles in buying a home. But depending on the age group, the biggest hurdle can be quite different. For example, members of Generation Y as well as those nearing retirement say saving for a down payment is their biggest barrier to achieving home ownership. However, those aged 30 to 39 say that having too much debt is their biggest hurdle. Those aged 40 to 49 say that job security is their biggest barrier.
“The good news is that Americans are able to overcome many of these barriers to home ownership by creating a smart financial plan and sticking to it, they can save up to pay down their debt and build their down payments, all while improving their credit scores and making themselves more attractive to mortgage lenders. The dream of owning your own home doesn’t have to be
out of reach if you have a plan.”
The study also found that more than a quarter of home owners do not expect to pay off their mortgage by the time they turn 65. The age group closest to retirement age—50 to 64 years old—were the most likely to say in the survey that they would still be paying off their mortgage after age 65, at 37 percent. Meanwhile, 81 percent of Gen Y and 30 to 39 year olds say they plan to have their mortgage paid off by age 65.
For the hopeful Buyers age 21 to 39 who have allot of debt it’s not too early to speak with a lender that can help provide you with a plan to enhance your credit score and drive down debt. If you would like to attend one of our free educational sessions just contact us to be put on the next class waiting list.
At ERA Team Real Estate our #1 Goal is excellence in service to our clients. We are here to assist you in any and all of your Real Estate transactions. If you would like to attend one of our free educational sessions just contact us to be put on the next class list.
Data sources include REALTOR® Magazine Daily News and local Real Estate knowledge