Rates are rising. Home prices are skyrocketing. Rent is blowing up. Inflation is tightening the budget of nearly everyone in the USA. Homebuyers are still out there, looking for a great deal, but the deluge of yesteryear has come and gone, leaving some lenders and realtors scrambling to snap up the buyers on the market. Having a little leg up may mark the difference between closing on a deal or losing it. Here are some tips that may help you get just the boost you need.
Millennials and Minorities.
Two of the top growing homeowner groups are millennials and minorities, so do your research! Learn where these groups are buying, what their pain points are, how you can become a genuine part of the community, and what opportunities and initiatives exist that cater to these homebuyers. In particular, take advantage of social media to find a wide audience and keep connected.
Down Payment Assistance.
With rates and home prices rising, now more than ever homebuyers need an extra boost to help them get into a home, and down payment assistance is often just that boost. Check out CBC Mortgage Agency’s website to learn more about the Chenoa Fund down payment assistance program, a leading program that helps borrowers become responsible homeowners. Check out state or city opportunities in your area as well; down payment assistance -savvy lenders may even find ways to combine programs to provide the maximum possible assistance for your borrowers.
New Build Opportunities.
Whether or not the market demands speedy home building, builders never stop, and borrowers are always interested in a new home, particularly when given the option to customize it to their liking. Become familiar with building programs in your area and see what areas you can partner in.
Though the exodus from the city to the suburbs has significantly slowed down, homebuyers are still moving to where there are larger, more affordable houses, and sometimes more land. Do the research in your area to learn if borrowers are coming or going; if coming, learn where they are coming from, how to make out-of-staters comfortable, and maybe even consider advertising out of state in areas where borrowers are coming to you. It’s a lot easier to come across as authoritative and capable when you can prove that you are in your home field.
These are just a few tips that may keep you on your toes and ready for opportunity when it presents itself. To learn more about CBC Mortgage Agency’s down payment assistance program, the Chenoa Fund, and how it can help your borrowers purchase a home with an FHA loan, check out ChenoaFund.org.
CBC Mortgage Agency™ – NMLS 1186381
For licensing information, go to www.nmlsconsumeraccess.org.
Illinois Residential Mortgage License #MB.6761292. Illinois Department of Financial and Professional Regulation, Division of Banking, 100 West Randolph, 9th Floor, Chicago, IL 60601 – 1-888-473-4858. Georgia Residential Mortgage Licensee, License # 1186381
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