Please wait as we prepare your PDF file ....

Mission Chronicle Blog

Search Blog

our goal is to help you stay informed by providing timely and interesting articles.

The top 5 common anxieties for first-time homebuyers

03/15/2021

Download PDF

In many markets today, homes are being snapped up almost as soon as they’re listed—and a large percentage of those buyers are entering the market for the first time. Here at Pacific Sotheby’s International Realty, not only do we see these trends, we’ve identified some key sources of anxiety that most new home buyers have in common. Here are the top five and how we help our clients cope.

1. Paying—and overpaying

The number one concern we encounter with first-time homebuyers is price. Buyers are afraid of paying too much for a new property and using up all their savings. The vast majority have been on real estate websites and understand what’s normal for their market—yet when faced with the option to move forward, uncertainty kicks in and holds them back.

It’s important to sit down with a mortgage professional, educate your buyers on the different costs associated with homeownership, and ensure they’re pre-approved. We also ask our clients to draft a monthly budget based on their likely expenses. When they have tangible proof that yes, they can afford a home, and yes, the costs make sense, they find the confidence to put in an offer.

2. Not landing the dream home

Pacific Sotheby’s International Realty

New buyers want their first home to be their dream home, and they can be discouraged when it doesn’t look like that will be the case. First homes are often limited by budget, but the main thing is that your clients will earn equity in the market, and can continue down the path to that dream home in the years ahead.

Help buyers see there’s no such thing as the perfect home: every listing will have lots of lovable perks and quirks that the buyer hadn’t even considered before. The search process is a great opportunity for buyers to figure out what they really want, and for agents to listen actively. Help your buyer get out there and see lots of options: let them know you have to kiss a lot of frogs if you want to find the fairytale ending.

3. Missing out on opportunities

Competition can be intense in many markets, and new buyers are worried that the best opportunities may escape them. In the worst cases, this leads to inertia: the fear that they’ll never find the ideal property combined with the hope that their wishes could come true if they just wait a day or a week. This can leave buyers sitting on the fence forever.

As an agent, it’s your job to help your clients prepare for the disappointment of losing out on a bid without losing confidence. Many of today’s sales are multiple-offer situations, so make sure buyers have their pre-approval, proof of funds, and other requirements ready—along with an offer that truly shines.

4. Finding issues with the house

When facing potential problems with a new house, first-time homebuyers fall into two camps: those that dread the thought of inspections and improvements, and those who can’t wait to gut the house like they’ve seen done on HGTV. For the first group, you can clearly lay out the reports they should read and how long they have to identify issues. For the would-be renovators, check that they’re aware of the investment of both time and money they’ll have to make.

If there are wishlist items your client didn’t get or upgrades they still desire, make that a part of your post-purchase celebration. We had buyers who really wanted ceiling fans in their main space, but the home they settled on didn’t have them—so instead of getting them a bottle of champagne, we surprised them with a gift card that would cover the cost.

5. Understanding the process

Pacific Sotheby’s International Realty

The final source of anxiety for first-time homebuyers is the overall nervousness that comes with the end-to-end process of buying and owning a home. In California, we have to explain the Supplemental Property Tax Bill that comes after the close of escrow; in addition, we talk about home warranties and what they do and don’t cover, we discuss homeowner’s insurance, and, if they are purchasing in a neighborhood with a Homeowner’s Association, we advise our clients to read every page of the rules set by their HOA.

Empathy is critical: think back to your first deal and your worry that you would make a rookie mistake. First-time homebuyers are worried about making mistakes too. Many of these clients need extra support, and the best thing you can do is assure them that there’s no such thing as a stupid or silly question. If something isn’t clear, they should never be embarrassed to ask.

In the end, supporting first-time homebuyers comes down to being more than an agent and more than an advisor. You’re an advocate, a mentor, and a cheerleader, offering the knowledge clients need to succeed along with the excitement and optimism to believe in that success.

Carol Gunness

For over 27 years, Carol Gunness has been a resident of Encinitas, California. Carol’s background and success in advertising sales and marketing has made for a natural transition into real estate sales. Carol loves the challenges and satisfaction that working in real estate brings. Her main focus is to provide buyers and sellers with the highest level of customer service and to guide them through a smooth, stress-free home buying or selling experience. Carol’s clients appreciate her frequent communication along with her strong negotiating skills to achieve their ultimate goals during the transaction.

 

Kelly Hughes

Kelly is a San Diego native and has witnessed first-hand the phenomenal growth of San Diego County over the past few decades. Kelly started her commercial real estate career with CB Commercial in 1987, specializing in retail center leasing. Before launching her residential real estate career, Kelly also worked with local real estate developers in all aspects of real estate development including construction, management, tenant improvements, marketing and leasing. Kelly finds the most satisfaction in assisting her residential real estate clients. Kelly is committed to the fiduciary relationship between client and agent, and works only for her clients’ happiness and best interests at all times.

Source: click here

Read More

INSPIRED, INTELLIGENT, INSIGHTFULL

STAY INFORMED WITH TIMELY AND INTERESTING ARTICLES FROM OUR BLOG, MISSION CHRONICLE. OUR ASPIRATION IS TO PROVIDE REALTORS AND OTHER REAL ESTATE INDUSTRY PROFESSIONALS WITH EXCEPTIONAL RESOURCES AND SHARE OUR KNOWLEDGE TO PROPEL YOU TO YOUR GOALS.

  • MailMatic wants to be in your 2021 marketing plans

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Inman Tech Review: JetClosing is fueling mobile adoption of digital title and escrow

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Meet the new urban buyer

    New Yorkers have a knack for spotting trends—and so do luxury real estate agents. When I am asked ...

  • Versatile online marketing solution HighNote brings it all together

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Change agents: How my former career made me a great real estate agent

    Real estate is a specialized field of work, and not every agent takes the most direct path to find t...

  • Zentap addresses all your Facebook needs in one place

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Why industrial interiors are making waves with buyers

    Industrial interior design has long been beloved by luxury homeowners. Modern and open, characterize...

  • The top 5 common anxieties for first-time homebuyers

    In many markets today, homes are being snapped up almost as soon as they’re listed—and a large p...

  • Does Zillow’s app for online tours stack up?

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Roomvu makes effective web video marketing fast and affordable

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

April 2021
Mon Tue Wed Thu Fri Sat Sun
 1234
567891011
12131415161718
19202122232425
2627282930  

  • Polls

    What information you are looking for?

    View Results

    Loading ... Loading ...
  • Last month Results

    How Is My Site?

    • Good (100%, 3 Votes)
    • Excellent (0%, 0 Votes)
    • Bad (0%, 0 Votes)
    • Can Be Improved (0%, 0 Votes)
    • No Comments (0%, 0 Votes)

    Total Voters: 3

    Vote

    Loading ... Loading ...