10 Hidden Expenses When Purchasing a Home

June 21, 2017

Owning a home is the great American dream! When it comes to buying a home, most of your clients naturally begin by combing through thousands of online listings, oohing and aahing as they find homes they ♥. While the process varies from client to client, that first-time home buying feeling only happens once. And when it comes to that group, here are the facts:

  • First-time buyers account for 52% of the future buying potential
  • Despite being plagued by student loan debt and in a different headspace than previous generations, Millennials are ready to buy with the majority of current first-time home buyers being in this generation
  • Older Millennials (25-34) dominate current home shoppers, making up 33% of the market

As with all buyers, first-time home buyers are aware of the long-term financial commitment that comes with homeownership. However, while they know what features and amenities they want in a home and are expecting a mortgage payment, they may not know about the additional “hidden” costs associated with buying a home. Remember, these buyers are completely new to the process and are looking for an agent who knows their stuff! In fact, according to the National Association of REALTORS®, 74% of Millennials said that help understanding the purchase process is the most beneficial part of having a real estate agent. This is your chance to demonstrate your value! We’ve made that easy for you by creating the infographic below for you to share directly with your first-time home buyer clients.

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