Not every prospective buyer that sits down at your desk will be ready to buy, but that doesn’t mean you should write them off. These prospective buyers are still an opportunity to grow a strong pipeline of future business. Connecting them with the right resources not only helps them prepare for homeownership, but begins a relationship that sees them return when they are ready to buy.
So, what might stop a prospective buyer in their tracks? Two of the most common roadblocks include credit scores and down payments. According to a recent survey conducted by FormFree, out of the top five biggest barriers to homeownership, insufficient savings for a down payment ranks at number two (after high home prices) and insufficient credit scores ranks at number four.
Whether it’s struggling to save enough for a down payment or issues related to their credit score, some buyers aren’t quite where they need to be to buy a home. Let’s talk about how you can help prospective buyers navigate these hurdles and help them get ready to buy.
Credit and Down Payment Challenges
Credit and credit scores are a vital component of qualifying for a home and determining mortgage rates, but that doesn’t mean all prospective buyers understand credit or know their own credit score.