Doug Hoven on Why Prequalified Buyers Are the New Power Players in Real Estate
Realtor Doug Hoven often relates this story: On a crisp Saturday morning in Virginia Beach, a young couple stood outside a three-bedroom ranch, coffee cups in hand, talking about how nice it would be to have a yard for their dog and a nursery for the baby on the way. The listing agent greeted them with a smile until the conversation turned to financing.
“Have you been prequalified?” she asked.
They exchanged a glance. “Not yet, we just wanted to see what’s out there.”
It’s a common scene, but in today’s housing market, curiosity alone doesn’t open doors anymore.
During the pandemic housing surge, open houses often felt like social events, full of casual lookers hoping to stumble on a deal. In 2025, the energy has shifted. Mortgage rates remain near seven percent, inventory is tight, and sellers are cautious.
“The days of just looking around are mostly over,” says Doug Hoven, REALTOR® with RE/MAX Prime’s Ron Sawyer Team in Hampton Roads. “Sellers want to know that if they accept your offer, you can actually close. Serious buyers stand out because they’ve taken the time to get prequalified.”
In other words, prequalification isn’t a box to check. It’s a signal that a buyer is serious, credible, and ready to compete.
The Shift from Browsing to Readiness
Prequalification is a lender’s first look at your ability to buy. It’s based on your income, assets, and credit, and gives you an estimate of how much you can afford. It’s not binding, but it provides a valuable starting point for your search.
“Think of it as your first handshake with a lender,” Hoven says. “It shows you’ve done your homework and that you’re ready to have a real conversation about numbers.”
Common Myths and Misunderstandings
Many buyers hesitate to get prequalified because they worry it will lock them into a lender or hurt their credit score. Others believe it’s something they can do later, once they’ve found ‘the one.’
“That thinking can cost you the house you want,” Hoven explains. “When a great property comes on the market, you have to move fast. Prequalification gives you the green light to act immediately.”
He compares it to preparing for deployment during his Navy days. “You don’t wait until you’re underwater to see if the oxygen system works. You plan ahead so you can operate with confidence.”
Why Agents and Sellers Care So Much
Real estate agents invest time and energy into helping their clients find the right home. A prequalification letter tells them that a buyer values that effort and intends to follow through.
For sellers, it’s about reducing risk. “If they’re going to take their home off the market, they want to feel confident that the buyer’s financing won’t fall apart,” Hoven says. “A prequalified buyer gives them that peace of mind.”
The Negotiation Edge
Being prequalified can also give buyers a stronger negotiating position. When two offers are close, sellers often choose the one that seems most certain to close.
“A buyer who’s already prequalified might win even if their offer is a little lower,” Hoven says. “Confidence matters more than promises.”
Confidence in a Complicated Market
In a world of rising costs and tight inventory, prequalification offers clarity. It transforms a stressful process into one guided by real numbers and clear expectations.
“It’s about control,” Hoven says. “When you know your budget, you make smarter decisions. You can focus on homes that truly fit your needs instead of guessing what’s possible.”
The New Etiquette of Home Shopping
Just as sellers are expected to price homes realistically, buyers are expected to come prepared. Touring houses without knowing your financial standing is becoming a thing of the past.
“Think of it like showing up to a job interview without a résumé,” Hoven says with a laugh. “You might have enthusiasm, but you’re not ready to compete.”
Looking Ahead
If the early 2020s were about spontaneity in real estate, 2025 is about preparation and precision. Success now belongs to those who are proactive, informed, and ready.
“Preparation is power,” Hoven says. “Prequalification isn’t a hurdle to buying a home. It’s the key that opens the door.”
About Douglas Hoven
Douglas Hoven is a REALTOR® with RE/MAX Prime’s Ron Sawyer Team, licensed in Virginia and North Carolina. A U.S. Navy veteran, he combines discipline, strategy, and local insight to help clients navigate the housing market with confidence.
