Ok, we all know how good the market is for buyers right now. And we
all know how important the first time home buyer is to the industry.
(Each first time home buyer enables approximately 3 move up purchases
- that equals 7 total sides). So here is a time in history that gifts
from parents or other relatives can make a huge impact in their
children's lives as well as the overall state of the economy.
Read On:
http://rismedia.com/wp/2008-02-22/3-ways-parents-can-help-their-children-buy-homes/
A real life example: One of our customers just purchased a new home in
Lynnwood. The grandmother was going to give a 3% gift to the kids, but
because the builder contributed the 3% down payment and the 3% closing
cost, the grandmother's gift will be used to pay off that high monthly
car payment and put drapes in the home and still have cash left over.
The total contribution between the builder and the relative represents
over $30,000! Now that's a good buyers market. Talk to your recent
customers who have adult children. See if they are in the situation
to assist their children to buy a home before the market takes an
upswing.
Duane
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