The increase in housing demand has created numerous opportunities for homebuilders, but at the same time, the labor shortage and global supply chain shutdowns due to the pandemic have made these opportunities hard to come by.
However, it’s essential to note that these delays will not go on for long as the housing demand continues to increase, and homebuilders will have plenty of opportunities to sell their finished properties after they secure the necessary materials and labor.
The market is, without a doubt, a pricey one for homebuyers. First-time buyers will have a lot of questions and concerns before purchasing their dream home. One way to pivot yourself as a credible real estate agent and win their business is to provide guidance on the best ways to secure the loans they need to get their home. Here are some tips to consider:
Shop around for mortgage rates
Mortgage rates are not one-size-fits-all, so you shouldn’t settle with the first “good” mortgage rates available. Encourage your clients to do their research, shop around and apply to various lenders for more options. Better yet, do the research for them and present the many options during your pitch meeting.
Consider different types of mortgages
Borrowers who struggle to find the funds or secure the credit score needed for a traditional mortgage may find a few other options for loans. For example, some may be able to turn to the Federal Housing Administration (FHA). Depending on where the borrower wants to buy a home, the U.S. Department of Agriculture loan may also be an option.
Change the location
Most people tend to focus on one specific area when they are on the hunt for a new home. As a real estate agent, you can advise your clients to explore different areas and markets that they might not have considered. For example, homes listed on the U.S. Department of Housing and Urban Development’s website are often cheaper than specific properties in the area. Those who can work remotely may also explore potential areas further from their metropolitan area.
McKissock Learning is the nation’s premier online real estate school, providing continuing education courses and professional development to hundreds of thousands of real estate agents across the country. As part of the Colibri Real Estate family of premier education brands, McKissock Learning, along with its sister schools Real Estate Express, Superior School of Real Estate, Allied Schools, The Institute for Luxury Home Marketing, Gold Coast Schools, The Rockwell Institute and Hondros Education Group, helps real estate professionals achieve sustainable success throughout each stage of their real estate career. Learn more at mckissock.com/real-estate.