Agents Play Key Role in Educating Buyers

NegotiatingConsumers find buying a home even more complicated and confusing than we thought. As part of recent research conducted by Fannie Mae’s Economic & Strategic Research, close to 4,000 consumers were asked a multitude of questions. In general, respondents didn’t know how much money they needed to put down for a new home; they were worried about their credit score and their debt load; and they went about researching homes and getting a mortgage in a haphazard way. The bottom line-consumers need more education on qualifying for mortgages, and agents can play a key role in that effort.

Educating consumers and addressing misconceptions about the purchase and mortgage process is critical to responsibly expanding the pool of homebuyers and ensure underserved markets have access to housing-and agents are key to this process. Even though homebuyer education is readily available, more needs to be done to ensure buyers understand how to qualify, what steps to take first, and how to be a responsible homeowner, such as:

  • Partnering with lenders, non-profits, or community groups to begin educating renters and potential buyers sooner.
  • Referring clients to educational materials and tools-either offered directly or through other sources (Fannie Mae, home search sites, lenders, etc.)
  • Leveraging mobile opportunities-younger and minority groups favor mobile technology to search for a home and mortgage financing (don’t forget the HOME by Fannie Mae mobile app, which provides homebuyer education content and tools.)

For more information, please feel free to contact me any time. I am here to help you every step of the way.