February 28th, 2019
Looks like the purchase boom is only getting started, according to a new report from Nerdwallet. Their recent Home Buyer Report shows a lot of positive signs that Americans are going to be buying a lot of homes in 2019. The report shows that 36% are planning on buying a home in the next 5 years, with 24% planning on buying in the next 12 months. As potential buyers start re-entering the housing market given the low interest rates and cooling values we’re seeing, mortgage lenders should be preparing for a big bump in purchase applications. For loan officers, that means perfecting the purchase process and getting into a systematic groove in order to not only manage, but excel in the 2019 market. It also means being able to truly educate their home buying clients because the report also shows that many potential buyers hold a lot of misconceptions about the purchase process (for example, 62% believe a 20% down payment is required). It is the LO’s job to educate on the benefits of homeownership, to take an advisor’s approach, and to make the process as simple and seamless as possible.