Stephanie's Blog

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Top 5 characteristics of first time buyers this year:

This is the first year in the 8 years I've been in real estate that I've been inundated with some of my favorite clients, the first time buyer. They are coming out of the woodwork from every angle and tend to share some common traits (though this is a generalization of course) :

1) They are aware, internet savy and have done their homework. They sometimes arrive with so much information received from the internet as they struggle to find solid ground through some of the most challenging transactions I've had to face with first time buyers in 8 years.  It can be so daunting for buyers to take in all that information when it arrives uncalled for at times.  Categorizing the information and tapping into in when needed would be helpful but often isn't possible given they have never bought a home before and are still making sense of the process and steps involved.

2) Their home buying decisions are often the first and largest decisions the young couple has had to make together. As they explore new territory and work hard to arrive at a compromise, they also juggle finding time to speak together face to face, sometimes after the kids are in bed, if they have children.

3) They seek the help of friends and family before making a move. Advice is dished out to them left and right and they are well taken care of by these people to keep the buyers from making the same mistakes they once made.

4) They well qualify the property and make sure to understand their position once they see the complexity of the transaction.  Often they come cautious and curious.

5) They often have young families and so they have a big heart and understand that I come from the same place. Our schedules mesh together as best it can given our families' needs and, for the most part, they understand that and I also make accomodations to meet with them when they're available. I'm only human and there's a point where I just can not become superhuman for anybody, but I try and I think they see that. Weekends and evenings are usually best times for showings with first time buyers.

Because I understand this about the first time buyer, though I can't say I understand everything about them, I embrace my work with them toward their first real estate purchase.  It becomes a very rewarding experience for both of us and I look forward to several years of friendship afterwards.

www.stephaniejacques.com

 

 

 

Comment balloon 3 commentsStephanie Jacques • June 28 2009 08:13PM

Comments

Hi Stephanie - That's a good list and pretty much defines the nature of first time home buyers.  I would add that even though they've done a lot of cyber research they still need to be advised as to how the process of buying a home works as well as what they might expect every step of the way.

Posted by Jon Wnoroski, Summit County Realtor (America's 1st Choice RH Realty Co., Inc.) almost 9 years ago

Jon-very important that they know what goes on each step of the way and keep reminding them because this is such an overwhelming experience they tend to forget.

Stephanie

As someone who also works with First Time buyers a great deal I have found that helpful family is usually hurtful to the process.  I try to suggest to them that when we get close to the house they really want to consider, then we can let the family take a look it they want.  I try to keep the family out of the picture.

Since I am of an age, I tell them that being a "Mom", I make sure that nothing happens to my "kids".  Since they fall into that category, they are usually relieved.  This has worked for me.

Keep up the great work.

Posted by Jayne Vaughan, ABR,SRS,CNE (Re/Max Home Team) almost 9 years ago

Jayne,

Having helpful family does hurt it in many ways, makes for an added challenge on my end and really often confuses the buyers greatly. Being the age of the typical first time buyer, it's harder for me to take on that motherly role but I've sided with them that I agree it's good to solicit feedback from family/friends. When the going gets tough I help them establish boundaries. At least they've tried it their way and have no reason to be suspicious of me trying to sell them something Mom and Dad wouldn't approve.

Other first time buyers are more like I was, get Dad's opinion, but take him out of the picture and move ahead as I wish with my husband. After all, we are the ones living in it and if we like it, we'll make it home.

Posted by Stephanie Jacques, Stephanie Jacques Kleine (Better Homes and Gardens The Masiello Group) almost 9 years ago

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