Photo Credit: Sianberry
Many people in the United States rent their homes. They may want to buy, but there are challenges. Most of the challenges they face are financial but, there are other fears as well. If you are a real estate professional trying to figure out how to turn renters into buyers, you must ease their fears. The Harris Poll recently polled for more information regarding renters. It found that it took an average of 3 years to save for a down payment to buy a home. However, it also found that 71 percent of renters have fears about buying. These are the specific fears they found, as written by Florida Realtors:
- The need for a long-term commitment to their partner: 9 percent (20 percent for millennials; 4 percent for adults older than 35)
- Finding out that the home needs repairs: 36 percent
- Paying for the house only to find there’s not enough money left over for other expenses: 35 percent
- The overall financial commitment of homeownership: 35 percent
The best way to turn renters into buyers is to give them advice on how to save on a monthly basis. On average, the poll found that one quarter of homeowners saved for their transition from renters to buyers by doing this:
- Working on a savings plan for a down payment and closing costs.
- Addressing outstanding credit issues.
- Shopping around for different loans.
If you are a real estate professional, understanding the fears of renters but also knowing solutions will create more buyers. If you are a renter, contact me today to get you started on the path to becoming a home owner.