For Agents’ Eyes Only…
Each Thursday we will be posting a blog to help real estate professionals understand how they can better assist their buyers and sellers navigate the current real estate market. Hope you find the information helpful. – The KCM Crew
As an agent, it is crucially important that we ‘have the heart of a teacher’ and that we ‘build relationships’ not just do transactions.
As an example, in a recent Wall Street Journal article, it was revealed that many families that were forced to surrender their home through either a short sale or foreclosure are now re-entering the market. The WSJ called them ‘boomerang’ buyers.
“Real-estate agents, mortgage brokers and home builders all say a significant number of new buyers are families and individuals who went through foreclosure as recently as three years ago, the time period that buyers who defaulted on a mortgage must typically wait before becoming eligible for a mortgage backed by the Federal Housing Administration.”
Here is a graph of the number of buyers in this category according to Moody’s Analytics:
Have you sold short sales over the last few years? If so, we hope you kept in touch with the seller and counseled them on how to make sure they brought their credit in-line as quickly as possible in case they wanted to purchase a home again.
The ‘boomerang’ buyer is just one example of how you can care about a client after the closing. You must make sure you keep in touch with each of your clients throughout your career and help them make good decisions for themselves and their families in the future.