First-time home buyers often feel alone and afraid as they prepare to buy a house. As a real estate agent, you’re in the perfect position to help support first-time home buyers and ease their anxiety. Let’s look at some opportunities where you can provide support for these home buyers.

TIP #1: First-Time Homebuyer Seminar

To engage with first-time home buyers, offer homebuyer seminars regularly. Not only will you engage and help these home buyers, but you will also grow your business and build trust in your community as the go-to real estate expert. Record your home buyer seminars on YouTube or Zoom, then post to social media. Don’t forget to encourage your viewers to ask questions as it may lead to future clients. The following first-time home buyer topics are a great starting point:

• Saving for a down payment
• Credit score and what it means
• Finding a mortgage broker
• Getting prequalified for a home loan
• Agent exclusivity agreement
• Real estate terminology
• Wants vs. needs
• Home search guidelines
• Contract (contingencies, addendums, etc.)
• What to expect during the closing

TIP #2: Down Payment Assistance Programs

Finding enough money for a down payment is a concern for many first-time home buyers. Stay abreast of local down payment assistance (DPA) programs and grants so you can provide solutions to home buyers in need of financial assistance. Share DPA programs regularly on social media and in your lead nurturing campaigns. Share these down payment assistance articles with first-time home buyers so they can take advantage of financial assistance and grants:

• Home Buyer Assistance Programs On the Rise
• Financial Assistance For Housing in 3 States
• Down Payment Assistance Saves Community Heroes

TIP #3: Long-Term Wealth

If you ask a first-time home buyer what equity is, they may be unable to define it. Since you’ll be working with home buyers who have either been renting or have never lived on their own, you’ll want to help them understand how owning a home builds equity and long-term wealth. Learning about equity will help your buyers feel more confident about making one of the most significant purchases of their lifetime.

• How long it will take to build equity
• How to build equity faster
• All-in-one mortgage

TIP #4: Turnkey vs. Fixer-Upper

Many first-time home buyers imagine their first house as turnkey, like the houses they’ve seen on HGTV. Young home buyers might want to buy a bigger-than-needed home because they intend to start a family. Both examples may lead to disappointment as these home buyers learn they can’t afford either type of home. 

Use your real estate expertise to help first-time buyers see how they could save money by buying a home that needs some work or a small home. Some buyer options could include purchasing a tiny home, buying a small home with room for a future addition, or buying a fixer-upper with a rehab loan. Stay in touch with these home buyers over the years to increase the likelihood of them returning to you when they’re ready to move to a bigger home.

• Tiny home
• Fixer-upper
• Small home with room for an addition

Conclusion

The more you can do to ease the anxiety of first-time homebuyers, the higher the likelihood they’ll want to work with you again and refer friends to you. Hop on social media and do a Facebook Live to share educational information, down payment assistance programs, grants, and more. Help first-time home buyers understand equity and how buying a smaller home can be most beneficial. The more you educate your home buyers, the less anxiety they will have and the better off they will be when buying their first and future homes.