First time home buyers

First time home buyers are important part of the demographic in the real estate industry. This category of buyer has increased multiple folds over the past decade. The first time home buyers have grown in number so much that they are now considered as a niche market and some real estate agents now target this niche specifically. According to these experts, working with first time buyers can be challenging because they are young and inexperienced. First time home buyers are at times overwhelmed by the logistics of purchasing a new home. We have come up with a list of key attributes of this recent real estate niche.

Homes

According to the statistics, 74% of first time buyers look for a single family home. Whereas, the remaining buyers look for condos, townhouses and other unconventional house types. It must be thought through before entering this niche and you need to do more research on this aspect of the business.

Loans

You need to know that these days first home buyers are allowed loans by several forums. As a real estate agent, you ought to be sure of the fixed and adjustable rates, VA loans and FHA loans. If you client in unaware of these programs, you can chip in and help them secure one.

Taxes

Mortgage interest deductions, property tax deduction and capital gains exclusions are the perks available for first time home buyers. Young buyers can benefit off these waivers and gain major selling points.

Negotiation

The first time home buyers are flexible, when it comes to negotiations. They are keen on listening to the professional opinion and as a result being easy to negotiate with. For most, the first property they buy is considered as an investment and they remain comfortable throughout the process

Marketing strategies attracting first time home buyers:

The first time home buyer is the most influenced by marketing strategies. Most of the strategies used online can catch an eye of this niche of home buyers. Launching a website catering needs of first time home buyers can be a great tool to move forward in this domain. Similarly, use of social media for marketing can do wonders for you.

Questions:

If you are not up for answering a lot of basic questions, then first time home buyer niche is not your cup of tea. These buyers ask many questions throughout the entire process as they have little know how of things. You might also find them skeptical as they have not been involved in real estate purchase before. You need to be patient with them and make them trust you as their real estate agent