Local realtors using seminars to prepare first-time home buyers for the current market
SALISBURY, Md. – Real estate agents are calling the current housing market a double-edged sword. Interest rates are on the rise, inventory is low, and on top of that, we’re still climbing out of the COVID-19 downturn. However, realtors with Coldwell Bankers are using seminars to help first-time homebuyers be armed and ready for this market. “So when something does pop on the market, I call it a feeding frenzy, people are after it and so the ones who are prepared are the ones who win,” says Rob Payne, a realtor with Coldwell Banker in Salisbury, and team lead of the Payne Team.
Payne says his team is taking a more casual approach when it comes to advising first-time home buyers. On Sunday, they held a seminar focused on preparing first-time homebuyers to navigate the current market. “From looking at the first house to getting to the closing table and all the steps in between that kind of maybe make it not seem quite so daunting,” says Payne.
Future home buyers learned about what to expect, getting pre-approved, how to repair their credit, and most importantly, how essential it is to prepare now instead of later. “If you wait until the market turns, you may be buying a house for cheaper but interest rates are escalated, you may end up paying more out of pocket,” says Payne.
Payne and his team say they want buyers to be in the best position to buy their first home. That’s why the local area manager with Mclean Mortgage, Shawn Hunt, joined the seminar with some much-needed financial advice. “What programs are available, what credit options or credit repair may be needed, and things like that to make sure they can get into a home,” says Hunt. He adds, “Around here there’s a lot of people that rent and want homeownership because when you’re renting, you’re paying for a mortgage even if you don’t realize that you’re just paying someone else’s.”
Housing experts say these seminars show that buying a home isn’t a far-off dream, you just need to have the right tools, and knowledge to do so. “So why not get into a home of your dreams where you can actually have that value there,” says Hunt. Payne adds, “Just partnering with folks who are going to help you navigate this process and look at all the big smiles at the end of the day.”
Both Payne and Hunt also tell 47 ABC, a big mistake a lot of first-time homebuyers make is unnecessary spending on things like a new couch or car. They say buyers should know their budget so they’re not stuck paying a mortgage they can’t afford.
Housing experts also say teaming up with a local lender and realtor is essential because they know the area, the types of housing, and the different financing available.