The home buying process can be stressful and intimidating for parties on both sides of the transaction. Sellers want to get back their investments and turn a profit while hoping there isn’t a dealbreaker to derail the lengthy process.
Buyers want to get the best home at the best price without running into a laundry list of undisclosed repairs once they’re locked in. Fortunately, there are things that can be done to streamline the process.
In the following article, we’ll be sharing the five best ways to improve efficiency in the home buying process. First, however, let’s address the stumbling blocks you’re most likely to have along the way.
Common Complaints About Home Buying
There’s no question that millennials are more apprehensive about homeownership than previous generations. In fact, when boomers were the same age, about 50 percent owned a home, and that number has since risen to 75 percent.
For the younger generation, already strapped with stressors like student loans, lack of inventory, job insecurity, it’s a different story. Only 37 percent own a home, and annoyances like the following can make it an even more unattractive proposition.
Many mortgage lenders have tried to streamline this process, but it can still be overwhelming. Page after page of legal documents makes for a bummer of an experience whether signing them electronically or by hand. That’s even truer if you want to take the time to read what you’re being bonded to.
Homeowners can find the process of buying a home annoying when they’re holding down a full-time job. They relegate the process to lunch breaks or after work. In both cases, it can feel like they’re putting in extra time at work but only not getting paid for it.
Repairs and Improvements
Both buyers and sellers can find repairs and improvements to be stressful. Buyers worry they’re going to get saddled with an unexpected repair that sellers knew about but did not disclose. Sellers want to make sure they’re getting fair offers that honor the improvements they’ve put into the house and not just the appraised value or lowball offer.
Hidden Costs and Fees
First-time homebuyers, in particular, can get put out with the home buying process when they get a look at some of the costs and fees that turn up outside of the asking price. Saving a large enough downpayment, paying thousands in closing costs, appraisal fees, and more can add even more stress to the process.
Knowing what some of these pain points are will help you devise a useful plan for making the home buying process more efficient and enjoyable for everyone involved. Here are some of the best practical solutions.
1. Manage Buyer and Seller Expectations
Both buyers and sellers have expectations about the process that may or may not be true. If you’re in the position of facilitating a real estate transaction, there are some things you can do to help set the proper expectations.
Let both parties know how long it takes to close. Disclose any and all fees upfront as well as how those fees will be handled. Will they be paid out-of-pocket or worked into a mortgage payment?
Be willing to answer all questions that may arise quickly. If you don’t have the answers right away, tell the parties you’ll get those answers for them by a certain time, and then keep your word.
2. Guide the Negotiations
Buyers often look strictly at an average home sale price on real estate websites without giving special consideration to any additional work the seller has done on the home. Sellers can have difficulty setting the price and end up pricing the home either too low or too high based on the work they’ve had done.
Guide negotiations by connecting buyers and sellers with every viable real estate tool to keep them informed. Transparency is more likely to result in less negotiating and more agreeable offers that speed along the process and leave both parties with a more satisfying feeling regarding the outcome.
3. Link People Together
Take time to get to know home sellers and buyers. Go beyond simply trying to sell a home. Instead, link people together based on their specific interests.
Only push homes that correlate to the budget range of buyers, and don’t bring sellers buyers that you know won’t be able to meet their asking price. Think of yourself as a home sales matchmaker, and you’ll make the process more efficient by not wasting either side’s time.
4. Befriend Mortgage Specialists
When finding homes for families and individuals alike, you’ll make the process a lot faster by partnering with professionals who can get you answers to the questions your clients ask. You’ll also do well to incorporate those ancillary to what you’re doing. Individuals like mortgage specialists who can really speed along the process!
Mortgage specialists have mastered their processes. They can make one of the most intimidating parts of homeownership go faster and with fewer hiccups. Find good ones who are not only good at what they do but also skilled at communicating their processes in a way that makes everyone at ease.
5. Integrate Technology
Selling a house takes time but far less than it used to thanks to technology. There are many tools out there, including ones like HomeTagz, which allow buyers and sellers to more easily communicate about the issues they care about.
Weaving all of what we’ve discussed into one integrated technological solution gives buyers and sellers the ability to discuss repairs and improvements, for instance, in real-time. It’s a lot easier than scheduling in-person meetings around work hours.
The Home Buying Process Does Not Have to Be an Ordeal
The home buying process always used to leave one or both parties pulling out hair in frustration. That no longer needs to be the case. Paying close attention to the tips offered here by managing expectations, educating the parties, linking the parties together, and incorporating the right ancillary professionals will go far in streamlining the process.
Best of luck! If you’re ready to get started with a technology solution that does much of this work for you, then consider registering with HomeTagz at your earliest convenience.