EXIT Realty supports creative solutions to help people buy homes
As house prices rise much faster than incomes, EXIT supports measures to improve financing and build multi-family homes
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WOBURN, Mass., May 03, 2022 (GLOBE NEWSWIRE) — As U.S. housing prices rise exponentially faster than incomes, EXIT Realty offers creative solutions at the local, state and even national level to make housing affordable for all.
Recent reports show stark disparities between people’s incomes and the cost of homes. The national median home sale price nearly doubled in the past decadeto around $408,000, while revenues from 2010 to 2020 increased by only 15%at around $67,500.
This means that buying a house is more difficult than usual. The traditional rule of thumb is that the price of a house is about two and a half years of income. Now, on average, it’s six times a person’s annual income.
“Over the past 30 years, the median income hasn’t really increased that much for a household or a family, compared to the increase in the number of homes and the cost of living,” said Tami Bonnell, co-chair of EXIT Realty Corp. . International. “On top of that, housing prices have gone up even more during the pandemic and rental costs are higher in many places than owning homes. Simply put, safe and affordable housing is an urgent need.
“However, as we look around America, there is hope for solutions to this problem, and at EXIT Realty, we are helping to lead these creative solutions that can bring more people into homes than they can afford.”
Individual realtors can make a difference, Bonnell said, such as EXIT’s Corwyn Melette, broker and owner of EXIT Realty Lowcountry Group in North Charleston, South Carolina.
Melette grew up in the rural south at a time when tobacco farming was declining and military bases were closing. He has therefore been dedicated to finding affordable housing solutions and helping people realize their dream of home ownership, especially first-generation homeowners.
In a webinar interview with Bonnellwhich airs May 18, Melette will share teaching moments, including the importance of experiential exposure, the first places people should look for affordable housing options, success stories, and next steps.
Bonnell also points to bigger system-level fixes, like a plan by the California Association of REALTORS’®, in partnership with various nonprofits, to close the gap affecting underserved communities across the state by regarding home ownership, and the National Association of REALTORS’ call for action to develop affordable housing.
EXIT also supports measures to encourage the construction of what Bonnell calls the “missing path” to homeownership: multi-family duplexes, triplexes, quadruplexes and townhouses, traditional affordable starter homes that have fallen out of favor with builders. Local and state governments can promote their construction with remedial measures, zoning changes, funding adjustments, tax credits and other programs, Bonnell said.
“We’re extremely encouraged by the creative solutions we’re seeing coming to market and seeing organizations come together to create affordable housing,” Bonnell said.
“We are also proud of our real estate professionals who educate potential buyers about financing the home buying process in their local communities and help them become homeowners. EXIT was founded on the idea of helping people – both our agents and their clients – live their dreams, and so we are dedicated to home ownership, the traditional number one way to build a real wealth and family stability.”
EXIT Realty Corp. International helps people live their why and real estate is our how. Shaking up the real estate industry since 1996 with a unique business model, EXIT Realty is founded and built on human potential focused on one thing: delivering exceptional consumer experiences. Every EXIT associate and the customers we serve are backed by experience, dedication and a proven commitment to people first.
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