Tuesday, April 24, 2012

Marketing Tips For Lenders When Attracting First-Time Homebuyers

A recent article from residential mortgage industry member Karen Deis noted that there are some tactics that lenders should use in order to pull first time homebuyers in when it comes to marketing.

Deis noted that it is important to get these consumers' attention to encourage them to make the plunge into the residential housing market.

Reminding consumers that their lease is not permanent is important, she said. At any point, a person can find out that their lease is not going to be renewed. Purchasing a home isn't difficult, and a person who buys a home would only need to put down approximately one month's rent and a security deposit to obtain a mortgage. Also, if a person starts now, instead of wasting cash on a rental property, they can end up owning their home much more quickly.

The National Association of Realtors recently released a report which noted that first-time homebuyers made up nearly one-third of all home purchases during February. While this is down slightly month-over-month and year-over-year, it is a large group of the market, and encouraging this section to buy could help improve sales significantly.

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