Inequity in home ownership

While we don’t presume to have the expertise to thoroughly discuss the causes and solutions to the racial inequity that exists in home ownership, with the current (and needed) focus on the institutional racism that permeates our society, we felt it important to share some statistics for your consideration.

For most of us, our home is our most valuable asset. Home ownership allows us to grow our wealth in a way that no other purchase does. As cited in a recent Washington Post article, in 2019 white median household wealth was $139,300 as compared to $12,780 for black households. In looking at housing statistics, one sees a discrepancy between the home ownership experience for white and black Americans. According to the US Census, 76% of white non-hispanics are home owners as contrasted with 47% of black households. This gap is wider in cities and in the Northeast and Mid-West. According to a 2018 Urban Institute report, Albany NY has the dubious distinction of having the largest gap with 69% of white residents owning homes compared to 20% of black residents.

Buying in a hot market

Before COVID (B.C.), the housing inventory was relatively tight and we were anticipating Spring 2020; excited to market new listings and ready to help buyers find their perfect home. And then real estate shut down for several weeks while we focused our attention on staying safe and healthy. While real estate was ultimately deemed an essential service, it wasn’t until the region entered phase 2 and agents were given permission to conduct in-person meetings (with social distancing and mask wearing) that activity resumed in earnest. Almost right away, the area saw an uptick in listings and, along with that, an increase in pending sales.

Valuing a home: the Comparative Market Analysis

Having just completed the required coursework for the Pricing Strategy Advisor certification, this seems like a good time to describe one of the most vital services we provide our seller clients - determining the value of their property. A CMA (Comparative Market Analysis) is an estimate of the likely selling price of a property at a given point in time. We provide them to every prospective seller client as well as to any former client looking for an update on the value of their home.

Real estate during a pandemic

Like so many people in so many different industries, Realtors have had to scramble to figure out how to serve our clients and customers during an unprecedented time. While real estate has been deemed essential (after a short period of time being completely shut down), this designation comes with strict limitations. Appraisals and inspections are all still occurring, banks are processing mortgage applications, attorneys are scheduling closings. While business isn’t exactly as usual for those providers, real estate agents are the ones who have had to adjust our practices the most. Realtors are people focused; we spend our days meeting with prospective listing clients, showing buyers possible homes, attending brokers opens and spending our Sundays hosting open houses. We are always around other people.

Home selling process, part two

You have done all the hard work getting your house listed and we have put together our top notch marketing designed to get the attention of all the home buyers out there, what happens next? The next steps are divided into two distinct periods of time - when your home is on the market and when it is under contract. Let’s take a look at what happens during each stage.

Home selling process, part one

In the last two blog posts, we discussed purchasing a home and now we turn our attention to the home sale process. We are in the midst of the Covid-19 pandemic, and while it’s a time filled with uncertainty, we are preparing for the day when the current “pause” on activity is safely lifted and people can move forward with their plans to sell their homes.

As Realtors, one of our jobs is it help home owners navigate the process of selling their property. Sometimes we are approached by prospective clients thinking about selling their home in two years, sometimes they reach out two weeks before they plan to list. Regardless of the time frame, the process is roughly the same.

The home-buying process, part two

Congratulations! You found a house you want to buy and the owner accepted your offer!

Some real estate agents consider their job done once a buyer has a signed contract on a home. But at McSharry and Associates, we realize that this is where the expertise of a seasoned professional becomes critical. We see our role as project managers, ensuring that all of the professionals involved in the process are working in unison to help our clients fulfill their goals. We stay in contact with the seller’s agent, the home inspector, the attorneys, and the lender so that the process moves forward smoothly. Whether it’s an unexpected structural issue or a delay in mortgage approval or a hassle with the moving company, it’s virtually impossible to not encounter some issue along the way. And we are always available to help problem solve or advocate on your behalf.

The home-buying process, part one

Whether it is your first or your fifth purchase, buying a home is a complicated process and we think of it as being two stages: first, finding the right home and second, getting from contract to closing. McSharry and Associates works closely with buyers throughout the entire process, guiding you through every step.

​Renovating with universal design principles in mind

According to AARP, 85% of older adults who want to age in place, have done nothing to prepare their homes. That’s a slightly terrifying statistic as most homes were not built with universal design features in mind. Universal design is “the design of products and environments to be usable by all people, to the greatest extent possible, without the need for adaption or specialized design.” (The National Association of Home Builders) Some of the common elements in universally designed homes are no-step entry, one-story living, wider doorways and halls, enough floor space for wheelchairs to navigate. It’s also important to have non-slip surfaces, handrails and railings, good lighting, lever door handles and rocker light switches, easy access cabinets, raised outlets.

Living on your own for longer

I recently attended an Aging in Place seminar where I learned about several different options older adults are employing to stay independent in the community for as long as possible. By the time older clients contact us, they have decided their current home is no longer right for them. Maybe they are downsizing because with the children out of the house they don’t need all that space, perhaps they are tired of maintaining their home, maybe they have health limitations that make their current home inaccessible, maybe they feel isolated and alone. Whatever the reason, we don’t typically hear from people until they have decided to move so it was interesting to learn about services and organizations out there that help older adults stay in their home, and their community, for longer.