Here’s why it’s so important to reapprove your buyers in this market.
Have you pre-approved your buyers for their mortgages? If so, great! However, rates have increased recently, and your buyers may not be approved for what they were before.
Recently, a few of our sellers accepted offers from pre-approved buyers only to find that they could no longer afford the home due to higher interest rates. We recommend you save yourself and your clients a lot of heartache by reminding your buyers that interest rates have increased significantly.
Your buyers may be disappointed they can afford less, so be sure to remind them that current rates of 5% or 6% are still historically low. You don’t want them to leave the market if their budget decreases. There are still buyers in this market, but you have to get back to basics to find them. Double down on prospecting, and you’ll be sure to find clients.
If you have questions about today’s topic, please call or email us. We are always willing to help!
