Page 11 - Delaware Association of Realtors

“We were there to help lawmakers craft a bill and make sure first-time homebuyers were protected,” says Bruce Plummer,
the Delaware Association of REALTOR’S® 2018 State REALTOR® of the Year. He’s also public policy committee chair at the DAR, a working group that reviews potential legislation and offers support or suggestions.
Getting new buyers into a home of their own can be deeply satisfying, but there’s more to it than that. Buying a home can create a financial ripple effect that lasts for decades.
Why Getting Your First Home Matters
When Plummer hears about young people who have no desire to own a home, he worries about their long-term financial health.
“It’s really important to me that young people buy homes to establish and build
SPECIAL PROMOTIONAL SECTION
equity,” Plummer says. Home equity can sound complicated, but it’s just the part of your property that you—not the bank— own and can sell. If you owe $100,000 on a loan for a house worth $150,000, you’ve built up $50,000 in equity just by paying your mortgage each month. And it adds up.
The average net worth of American families who own their own home is about $231,000, compared with about $5,000 for those who rent. A homeowner is essentially required to save money in the form of equity.
“When they’re 50, 60 or 70 years old, people are really glad they have that equity to live off of,” Plummer says.
Buying your first home is a thrill at any age. Zebley recently helped a pair of 62-year-old former Brooklyn residents get a half-acre of land.
“They are as tickled as a 22-year-old person buying their first home,” he said.
A REALTOR® is at their best when they’re helping a first-time buyer reach farther than they thought possible.
“Agents enjoy being able to help
someone obtain the American dream that, without their help, they’d never be able to do,” Plummer says. It isn’t always easy.
Overcoming Barriers
Considering that mortgage payments can be similar to or even lower than rent, it’s the one-time costs that deter many would-be homeowners.
“When I testified in Dover, I told lawmakers it’s not the mortgage payment that typically keeps people from buying a home, it’s the closing costs and the down payment,” Plummer says. Often, closing
There’s no greater joy than working with first-time homebuyers. – Beau Zebley
Home Loans come in all shapes and sizes. We have one just right for you.
Stop by our booth at the
DAR Annual Convention.
At Artisans' Bank we have mortgage loans to fit any size or shape of home. So whether you’re looking for a starter home or a second home, the team at Artisans' Bank can help arrange a loan that works within your budget. Stop by today and let us turn your dream home into reality.
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