Home : Blogs : David Crisp : David's Blog

An idea to sell to first time home buyers

A few weeks ago a realtor friend of mine asked me if I had any ideas how she could make her listings more attractive to potential buyers. Most of her listings were under two hundred thousand so she was looking for first time home buyers. I put together a flyer marketing the home with a zero down program (special community home buyer program with low PMI and rates in the six's). My Realtor friend would talk to her sellers and get them to agree to pay 3% to 4% of the sales price to cover all the costs and tax prorations as well as monies need to set up the escrow account. We could advertise this home with a relatively low payment and less then five hundred dollars out of pocket. We have advertised this type of home selling strategy and have had some success. Our main goal is to find people that aren't currently looking to buy a home and entice then to become home owners.

David Crisp

www.annarborfinancing.com

Posted by David Crisp on 06/06/2007 10:16 AM

Comments (4)

first time home buyers, zero down mortgages, home buyers, mortgage, ann arbor, michigan, realtors

4 Comments on An idea to sell to first time home buyers

JUN

2007

As long as it's all within the lending guidelines, go for it- finding buyers today is a challenge.

This can be very effective - I read in Realtor Magazine's 30 under 30 off a very successful Realtor starting this way. He went door to door to people who were renting and got them mortgage payments for the price they were renting. Great information David.

Specialization is a key to increasing business in today's market. I am telling all my agents that they need to market themselves in a professional manner and decide what they want to do in this industry and then learn everything there is to learn about it. If your agent lists homes that are in that 1st Time Home Buyer, then she/he needs to portray themselves as a specialist in that market and attract those kinds of buyers.

AUG

2007

Another great idea I recently heard of was using the 100 ltv community home buyers program and adding a 2-1 buy down to it. With the price reductions we are seeing in my area a seller can offer a 6% concession (2.5% for the buy down and 3.55 for costs) instead of reducing the price. If you put a time line on it, such as must close buy September 30th, and then you could create some traffic. Zero down with a rate starting at 5% with very low PMI and no out of pocket investment.

Something new is a good thing in this procrastinating buyers market.

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?