Jacksonville FL Real Estate Update

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Realtors Need To Be Educators Too

I think that one of the areas we sometimes overlook is our value as educators. We sometimes forget that most people aren't keeping up with current trends in real estate and that there are many misconceptions that serve as roadblocks for us. One such roadblock is the misconception that 'renters' often have about mortgages and their ability to obtain one illustrated by another survey by Wells Fargo Home Mortgage which lists some barriers for renters:
  • 78% of renters believe that it is generally true that people cannot obtain mortgages without perfect credit.
  • 52% of renters believe that they personally can't get a mortgage because of credit issues, even though 46% of the first-time homebuyers surveyed didn't believe their credit was "excellent" or even "very good".
  • 56% of renters believe that a down payment of 15% or more is required when buying a home.
  • 55% believe that size of a down payment is a personal barrier for them, even though 74% of first-time homebuyers reported they put less than 15% down.

ABOUT THE BLOG OWNER

TIMOTHY H. FENNELL, PA

Tim FennellTim Fennell is a Florida licensed Real Estate Broker with Legends Land and Realty, Inc. in Jacksonville, Florida.

His strong background in business development, real estate investments, counseling and marketing greatly enhance his skills as a Listing and Internet Marketing Specialist. 

Tim and his wife, Susan, have over 30 years experience in Jacksonville Real Estate sales, marketing and investing. Both are Accredited Consultants in Real Estate (ACRE®). When you're ready to be consulted with, rather than sold to, give Tim and Susan Fennell a call.

Straight Talk in Real EstateVisit Authors Website →   

8 comments • Tim and Susan Fennell, Jacksonville Real Estate • July 08 2006 07:56AM

Comments

Great post, and I concur completely!  Being a real estate stats junkie I was wondering if you could post the link to those Wells Fargo stats? (being a lazy stats junkie, I don't want to go dig through the WF site....) I assume they have more than just these stats...
Posted by Jay Thompson (Thompson's Realty) over 5 years ago

Jay, A friend in the mortgage lending industry sent me the info and now I can't locate it. If I do, I'll forward to you.

Posted by Tim and Susan Fennell, Jacksonville Real Estate (The Legends of Real Estate, REALTORS®) over 5 years ago
Assumptions can be so wrong and sometimes people are embarassed to ask questions so if you have material that explains the process and terms it takes some of the pressure off..yes we need to educate too...
Posted by Teri Isner GRI, CRS, CIPS (Keller Williams Celebration) over 5 years ago
Ade HouseValuable information, Tim! I've helped renters who later became first-time buyers. These are the kind of clients who really appreciate what a real estate agent can do. I posted a blog on the subject of renters a while ago.
Posted by Gerhard Ade (Coldwell Banker Bain) over 5 years ago

Tim.... good post. It does come down to the realtor and loan officer educating the average client. And like Teri mentioned about assumptions, that people are just embarassed to ask questions.

 

Posted by Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( Social Media - Infinity Home Mortgage Company, Inc) over 5 years ago
Great post Tim...Thanks!
Posted by GA-agent.com-- Georgia Real Estate Directory (GA-agent.com) over 5 years ago
If you please, it would be helpful if you would post the link to these stats...thanx!
Posted by Jacqueline McCroy Elbert (RE/MAX Realty Suburban) over 5 years ago

Jacqueline,

I don't have the link handy (I'll try to find it for you if you aren't able to yourself) but the source is:

REALTOR® Magazine Online

© 2006 FLORIDA ASSOCIATION OF REALTORS

Posted by Tim and Susan Fennell, Jacksonville Real Estate (The Legends of Real Estate, REALTORS®) over 5 years ago

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