About The Real Estate Group

The Real Estate Group (TREG) "Partners in Excellence"

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.

Understanding First-Time Homebuyers: What to Know, and How to Serve

The summer buying season is in full swing…

…and first-time homebuyers make up a sizeable portion of your firm’s potential clientele—32 percent, according to the National Association of REALTORS® (NAR).

What do we know about today’s first-time homebuyer? Most are married couples with no children and a combined income of $77,500. At an average age of 31, almost 70 percent are millennials. According to NAR’s latest generational trends survey, first-time buyers place a high value on home affordability and commuting costs more than any other buyer group. Not surprisingly, technology plays a strong role in their home-buying process. In fact, first-time buyers typically find the home they purchase on the Internet. When it comes to communicating with their agent, these buyers strongly prefer email and text over phone calls.

First-time homebuyers tend to purchase detached single-family homes at a median price of $170,000, likely financing 95 percent of the purchase price. With hefty student loans, first-time buyers often have a difficult time saving for a down payment. Agents should direct clients looking for down payment assistance to their state’s housing authority, which may offer first-time homebuyer grants or loans. Ensure your agents are serving first-time buyers by providing some guidance on financial assistance if needed.

According to NAR’s 2015 Profile of Home Buyers and Sellers, helping buyers understand the home-buying process tops the list of what first-timers value most about working with an agent. To attract this group of clients, bulk up your website and social media platforms with resources that explain the ins and outs of the process.

For more info on first time home buyers, what they value, and how to best serve their needs, please find this complete article on RISmedia.com or by CLICKING HERE.

About The Real Estate Group

The Real Estate Group (TREG) "Partners in Excellence"

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.