Do you know the pain points your buyers are most concerned about when it comes to purchasing a home? A new TD Bank survey of 135 real estate professionals nationwide reveals six stressors that are causing their clients the most anxiety:
- Confusion around paperwork required: 31.85%
- Unexpected costs: 22.22%
- Concerns over financing: 21.48%
- Appraisal and inspection: 11.85%
- Meeting and closing date: 6.67%
- Credit approval: 5.93%
To better support your clients through their toughest transaction issues, TD Bank recommends partnering with mortgage loan officers
who can help your buyers — particularly first-timers — navigate the purchase process more smoothly. Nearly 80 percent of real estate professionals who responded to TD Bank's survey say the traits they value most in a mortgage loan officer are efficient communication, ability to guide clients through the finance process, and expertise on managing the regulatory landscape.
Real estate pros also say the factors affecting their clients' home search the most are limited inventory (45 percent), mortgage qualification (29 percent), and affordability (26 percent), according to the survey. But respondents still express optimism about the real estate market in 2017. Fifty-five percent say they expect home sales to increase this year, and 70 percent say they expect greater demand for single-family homes. Practitioners expect online real estate portals to continue to grow, with 44 percent saying realtor.com®, Zillow, and Trulia will be the biggest technology influencers on the homebuying process in 2017.
Source: TD Bank