Now is a profoundly challenging time for buyers to enter the housing market—especially for the first time. One of the biggest reasons why Homesale Realty has continued to soar in this time of change is our unmatched ability to add value for buyers and sellers alike. On our team, you can do the same.

That starts by knowing exactly who you're dealing with when you think of a "first-time homebuyer.

Who Is the "Average" First-Time Homebuyer in America?

The average first-time homebuyer is about 32 years old, with a household income of $75,000, making a purchase valued at about $190,000 (median). They put down a 5% down payment, and a large minority—about 41%—carry student debt. Most bought a single-family home in the suburbs.

Although many buyers fit this profile, it only begins to scratch the surface. Your ability to adapt to their many needs and concerns will make a tremendous difference in their results. Buying a home for the first time is daunting, and rising interest rates have not erased the current seller's market.

How to Help Your First-Time Homebuyers Succeed

Buyers look to you for advice, guidance, and encouragement as they pursue the dream of homeownership. Here's how you can help them navigate the market more smoothly:

1. Highlight First-Time Homebuyer Programs
   First-time homebuyers can access a large number of programs, many of them government-sponsored, to educate them and connect them with mortgage loans. In some cases, a homeowner who hasn't made a buy in recent years can also be eligible. These programs often include below-market interest rates and down payment assistance, which can take a lot of worry off the minds of first-time buyers.
   
   
2. Focus Them on Getting Prequalified
   In prequalification, a lender looks at a prospective buyer's finances and makes a firm estimate as to the loan package that person qualifies for. This demystifies the process and allows them to use their time as wisely as possible, zooming in on homes that will meet their needs. To get prequalified, they will need to furnish income information going back several years, like pay stubs and tax filings.
   
   
3. Get Into the Nuts and Bolts of Budgeting
   Developing a written household budget is also a wise move for first-time buyers, so they don't end up with "too much house." Depending on their cash flow, a budget may also help address any outstanding credit issues and raise their credit score. The higher the score, the better the loan they will qualify for—but the process of boosting one's score can take many months of effort.
   
   
4. Help Them Get Their Goals in Writing
   With a stronger sense of their underlying finances, a first-time buyer is in a strong position to clarify what really matters to them when buying a home. Each family member should come up with 1-3 "must-have" items. They should also think about their long-term goals: How long are they planning to stay? Do they want to use this property as a source of income in the future?
   
   
5. Clarify Next Steps
   Buying a home can be a long process. The best way to keep customers' stress levels down is to keep them fully informed about what happens next. Signal them about anything they should be thinking about or preparing to do. This way, they're never caught by surprise—and begin to see you as a trusted guide making the whole thing easier for them. That leads to follow-up and referral business.

Contact BHHS Homesale Realty to find out more or get started with our team.