From NAR
Many prospective homebuyers face obstacles like high prices, rising mortgage rates, and limited inventory. Understanding these challenges is crucial for REALTORS® to assist clients effectively, as outlined in NAR's Consumer Guide to Overcoming Barriers to Homeownership.
Key Barriers:
- Affordability: High home prices and mortgage rates limit affordability.
- Down Payment: Saving for a down payment is challenging for many buyers.
- Debt: Existing debts, like student loans, affect mortgage eligibility.
Strategies to Assist Clients:
- Educate on Financing Options: Share info on government-backed loans like FHA and VA.
- Promote Down Payment Assistance: Encourage clients to explore state and local programs.
- Address Discrimination: Ensure fair treatment for all clients, especially minority groups.
By understanding these barriers and proactively assisting clients, REALTORS® can help make homeownership more achievable for many buyers.
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