By Columnist, Angela Pullum
In this present economic environment many have begun to see owning real estate as a negative experience.
At Word Realty we believe that the economic environment changes, but real estate stays the same.
So, with this in mind we have chosen to approach real estate from a different perspective rather than to give up on the “American Dream” of home ownership. Yes, maneuvering through the real estate process has become stricter, but it is not impossible to attain that dream home that you desire.The question is whether or not you can become a homeowner.
This is where we start at Word Realty. I am Angela Pullum, founder and broker of Word Realty. I have been in the real estate business for over 20 years. Because of this, I have helped hundreds of people to achieve the goal of homeownership. It is my goal to get everyone who desires to own a home into the home of his or her dreams.
First, let us put things in perspective. Everyone has to pay to live somewhere. The question then becomes is it better to pay rent to someone toward his or her ownership of that property or for you to pay a mortgage and become the owner of the property? You will have to do some things on your part.
Some of these things include: maintaining good credit, establishing a savings account specifically for this purpose, and perhapseven creating a budget. Home ownership is an investment, and just as earlier generations had to make sacrifices and save in order to attain their goals, this generation must be willing to do the same.
Real estate is, and has always been, a positive investment in the future.
One really good thing about the present economy is that it is a “buyers market.” What does this mean? Well the market trends change from either being a “buyer‘s market” or a “sellers market.” In a buyer‘s market, the buyer has the upper hand in negotiating prices because not many people are buying. This means that you, the buyer, can get more for your money or purchase your house at a really good rate. In addition, interest rates are extremely low. This all adds up to low monthly payments that could be equal or lower than paying rent.
Buyers beware when someone tells you that you do not need a realtor. Buyers normally don‘t pay the commission. The seller pays commissions. You are getting representation for absolutely free. There is no cost to you for a professional realtor to look out for your best interest. They are able to assist you with securing financing and the home buying process, which includes: shopping for a home, making an offer (negotiation skills), encouraging a home inspection, being there with you at closing, and after the transaction still available for any of your real estate needs or questions. All this is at no cost to you!
Advice to Sellers
Sellers you need a realtor to help you price your home for a reasonable asking price and to also give you up-todate information on the current market. Sellers, just because we are in a buyer‘s market does not necessarily mean that you cannot achieve your goal.
A professional, knowledgeable realtor will assist you in marketing your property, negotiating with buyers and monitoring your property. With a realtor, you will feel more secure because of the prescreening process.
By using a realtor, you will eliminate the stress, frustration, and confusion of trying to do it on your own. Yes, you may be able to sell your home yourself, but buyers are not always so trusting.
It’s Your Season
If you ever thought about investing in rental property, now is the time. Home prices and interest rates are very low. I would encourage consumers who have good credit and would like to be a first time investor to find a realtor with experience in investment property. In this market, we have families that were once homeowners, but due to the high rate of foreclosures they find themselves being a tenant again for the first time. Therefore, there is a high demand for rental property. Landlords with Integrity Needed!
Words of Wisdom for Avoiding Foreclosure
Contact your lender immediately. Be aware of foreclosure scams. There are programs, such as the “Making Home Affordable Program,” that are available to the homeowner.
If your lender does not want to work with you there is more information at www.hud.gov.
“Your latter days can be greater.” Senior citizens sometime find themselves faced with a decision to downsize, transition to other living facilities or consider reverse mortgage. Seniors, I encourage you to consult a professional realtor to assist you with your real estate needs. There are realtors that specialize in Senior real estate.