5 Ways to Appeal to First-time Home-Buyers
by Mike Corn and Tina Powers
Owning a home is still part of the American dream, according to a new JPMorgan Chase survey reported in HousingWire. The survey reveals “87% of Americans surveyed said owning a home is something they dream about.” Now that consumers are becoming more optimistic as the economy recovers, the purchase mortgage business is starting to heat up. Buyers who postponed buying their first house, moving to a larger house to make room for growing families or downsizing once the kids had moved out, believe it’s time to take advantage of low interest rates.
Credit unions that want to increase first mortgages can make sure their members who are thinking about buying know about their mortgage programs. And, attracting first-time buyers should be a high priority because it’s less likely they will have a relationship with another lender and more likely they are younger and will need other loan products in the future.
Tips to attract first-time home-buyers:
- Offer seminars explaining mortgages and how credit scores work.
- Regularly have an affiliated Realtor in-house for consultation sessions. They can help buyers pinpoint what kind of house they’re in the market for. (This article might be a good resource.)
- Make arrangements with local contractors and hold a drawing for prizes like free decorating advice, carpet installation, or shrubbery.
- Hold a seminar on simple home repairs so that new homeowners can gain some knowledge that will save them time and money.
- Use social media to offer a coupon for a free drink during a meet-and-greet session between Realtors and members at a local restaurant.