Two-thirds of Realtors think lenders could help attract more buyers with better pricing options, according to a recent survey.
Working with a public polling firm, New Jersey-based TD Bank [1] released results Thursday from a survey it conducted with more than 150 Realtors around the United States.
One in four respondents chalked up buyer reluctance to overpriced properties. By the same token, Realtors estimated that only a fifth of their buyers knew about home loan affordability programs available through lenders.
When referring lenders, Realtors seemed to put a premium on certain qualities.
Most said they considered closing loans on time the most important quality in a lender and felt it was easier to work with banks focused on helping homebuyers. Two in five said they looked for banks that put buyers ahead of the lending process.
More than a third said they stuck with the name of a preferred lender in every real-estate deal.
"What we're hearing from Realtors is that it's critically important for lenders to work with them to help their customers," Malcom Hollensteiner, director of retail lending products and services for TD Bank, said in a news release.
Along some of the same lines, J.D. Power released a survey last year that found [2] first-time homebuyers expressing less confidence in their knowledge about the lending process than repeat buyers and those who refinanced their loans.
The firm reported a seven-year high among customers more familiar with the process.
Realtors responding to TD Bank's own survey said roughly three out of five of their buyers came to them with questions about the lending process in recent sales.
Three quarters wanted better communication from lenders with their buyers about the loan process.
Hollensteiner called the "right lender" someone that outlines the lending process early and remains “accessible, responsible and transparent" to buyers.
"The survey findings reveal that banks need to provide more loan choices designed to meet the needs of today's borrowers," he said.