More Home Buying Education Please!
For the last three years, TD Bank has surveyed consumers across the nation who have purchased a home within the last 10 years about their home buying experiences & mortgage behaviors to compile their Mortgage Service Index.
Of those surveyed, 68% of respondents say their most recent experience purchasing a home was excellent or very good, up from 62% last year. This number jumped to 81% of those who bought a newly constructed home.
Also positive, was buyers’ experience with:
Finding a good realtor (59%)
Finding the right lender (57%)
Getting approved for a mortgage (65%)
Length of the entire process (52%)
Millennials are Optimistic
Half of all millennials surveyed said that they are either very or extremely likely to purchase a home within the next year. One-third of Millennial respondents believe that now is a great time to purchase a new home.
More Education Necessary
32% of Millennials say that a lack of knowledge & confidence in understanding how to navigate the home financing process is holding them back from buying
Two in five consumers feel there is a lack of inventory in their price range
44% are not familiar with home affordability programs
51% of buyers believe banks could offer more relevant, helpful information online about the home financing process
52% of first-time homebuyers feel that banks could offer additional home financing seminars and workshops
58% of first-time homebuyers say they were looking for additional information online.
What can we do?
As a KCM Member, you have access to the latest reports, studies and statistics that buyers and sellers are craving. Giving your clients the confidence to make the best decision for themselves and their families is what we’re all about.
Some Ways To Use KCM To Educate:
Team up with a local mortgage professional in your area and hold first-time homebuyer clinics. Educating consumers on the options available for them now will only further establish you as an expert in your area that is there to simply & effectively explain a complex housing market.
Show potential buyers what happened last year (and seems to happen every year in the Spring). Inventory comes to market in every price range, being informed and prepared to act quickly will help assure they find the home of their dreams.
Rents have skyrocketed over the last 30 years, show buyers how locking in their housing cost with a low interest fixed rate mortgage can help them build wealth for their future.