Challenges for NextGen Homebuyers

Top Challenges for NextGen Homebuyers:

• Education. 1 in 4 said their biggest challenge while buying a home was a lack of understanding.
• Confidence. 1 in 5 said they weren’t confident in any step in the home buying process.
• Skepticism. 22% are concerned their home will not be a good investment.
• Distrust. 2 in 3 buyers said they did not think lenders were trustworthy or reliable.

WOW, these stats found in the "2022 State of The Mortgage Industry Half-Time Report", are sad and scary.

In a world of instant coffee, instant breakfast, instant credit, instant shopping, instant information, and 24/7 news, we have come dangerously close to losing touch with reality and believing we should have a “clickable life". The mortgage business is different today than it was 2 years ago and 22 years ago when I started. Technology, chatbots, and 24/7 google chats have really raised havoc in our industry. The mortgage business has been, and to some extent, always will be a relationship business. People work with us because they trust we will educate them, advise them and get them across the finish line with as much peace of mind as possible. These stats confirm that now more than ever, our 30 min mortgage planning meeting is a must. The road map of the overall homebuying experience and what you can expect each step of the way can’t be skipped. Our zip code reports that analyze what homes will be valued at in 1, 3, and 5 years must be reviewed with everyone. Lastly, our ability to do what we say we will do for clients to continue to earn trust can’t waiver.

I share this with all of you because these stats don’t have to be your experience when buying a home. For many of you, this is still one of the largest financial investments you will make. Let's treat it that way.

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