National Association of Realtors is calling for a relaxing of the current credit policy restrictions to revive the current stagnant real estate market. They believe that the loosening of these credit restrictions will get “qualified buyers” out in the real estate market. Are we doing justice to real estate by lowering the credit score standards?
Personally, I think the question we all should all be asking ourselves in the Real Estate industry is “Who is a Qualified Home Buyer?”. Let’s explore the idea:
- Financial viability: Usually that means having at minimum for an FHA loan, 3.5% of the loan down payment or if you go for a Conventional loan, 10 to 20% down.
- Credit score: Great credit is thought to be an indicator of responsibility.
- Understanding of the responsibility of home ownership.
Now the first two have some sort of metric behind them. If you have the money and fall into the correct credit score range, voila, you are golden. However, the one thing that vexes me, is “understanding of the responsibility of home ownership”. There is no discussion about educating the prospective buyers on the responsibilities of them owning the home.
Whose responsibility should it be? Lenders? Realtors®? Government? Who knows?
But, let’s explore the awesome privilege and responsibility it is to own a home in the next couple of weeks…
There is more to a property than an empty shell of a building and the latest fashionable decor. When walking through property, people tend to have this sixth sense people about how a building feels to them. There are those who write passionately like Kate, the Centsational Girl, about What Makes a House a Home?
Hopes.. Dreams are seen while walking these grounds.
Unfortunately, people look at the readily available pictures and may totally dismiss a home because of the pictures and not take a visit. Thoroughly and immaculately staged homes are now the expectation–which often removes the whole intuitive element of buying property.
There are companies now which rent out fashionable furnishings such as Cheap Chic Home Staging to assist in lending you THE look to draw the buyers into your property.
Having someone stage your home with fashionable furniture is something to consider when the showings have stopped, you have not received suitable offers, and it is time for some type of change to get your home noticed.
The Franklin County Auditor has added information that is helpful to current home owners and prospective buyers, such as:
- County Recorder Documents – Documents Recorded on the Property
- City of Columbus Zoning Maps – How a Property is Zoned
- Closest Fire Departments
- Area Sex Offenders Inquiry – See where the Closest Sex Offenders live
- Tax Estimator – Estimate Taxes if the Property Price Increases/Decreases
- Levy Distribution – Breakdown of Your Property Tax Dollars
The Franklin County Auditor provides great information to help citizens make informed decisions–whether it is buying a new home or understanding how a levy affects their personal property tax. Check it out!