Here’s what you need to know:
- Limited housing inventory, high interest rates and housing prices are the top three factors vexing buyers in their quest for homeownership, according to NAR.
- 53% of realtors cited “current rent or mortgage payments, credit card balances or payments” as the most common reasons their latest buyers failed to purchase a home. But, only 23% of these realtors encouraged buyers to apply for down payment assistance programs.
- Jessica Lautz, NAR’s deputy chief economist and vice president of research, noted that down payment assistance programs could help bridge the gap for borrowers: “Down payment assistance programs often fly under the radar for potential homebuyers. Using programs–like FHA, VA or USDA loans–can make homeownership more attainable. Experts, such as agents who are Realtors, can educate potential buyers about these programs. Doing so will bring in more first-time buyers and narrow the racial homeownership gap.”
For additional details, check out National Mortgage Professional’s article, “Too Many Blockades Stopping Would-Be Homebuyers.”
Pat Sherlock is the founder of QFS Sales Solutions, an organization that helps organizations improve their sales talent management and performance. For more information, visit https://patsherlock.com.
