The biggest challenge in today's real estate market, specifically for homebuyers, is affordability. Inventory is low. Interest rates are higher than they’ve been in a decade. Home prices have gone up. This presents new challenges for real estate agents as well. In this episode, host Dan Lesniak outlines 5 ways that agents can help buyers tackle affordability. They include: educating potential buyers on rate buydowns; analyzing adjustable rate mortgages as an option for them; helping them consider making a higher down payment to lower monthly payments and possibly lock-in a better interest rate; being more aggressive with going after selling concessions; and house hacking in a variety of ways, such as bringing in a roommate or renting out the other side of a duplex. This is a time for agents and buyers to get creative so that buyers can be able to afford the right house for them.
Join GUEST and Host Dan Lesniak as they discuss…
∙ Putting the issue of affordability of buying a home in context – comparing it to renting.
∙ Looking for lenders with free refinancing options.
∙ How increasing a down payment can reduce monthly payments and lock-in lower rates.
∙ How seller concessions and house hacking can make getting into a home more affordable.
QUOTES TO SHARE
💬 “When they're renting, they're still paying the high mortgage rate, they're just paying the mortgage rate for their landlord.” - Dan Lesniak
💬 “You need to have some hard conversations up front, figure out what their budget is…” - Dan Lesniak
💬 “We've got declining inventories, less homes for sale than almost anytime in United States history” - Dan Lesniak
💬 “I've seen some house hacking scenarios where people are not only getting their mortgage covered, they're actually getting positive cash flow and living for free.” - Dan Lesniak
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