First Time home buyers
Some agents claim to be specialists. Their advertisements and business cards proclaim them: “neighborhood specialist” “horse property specialist” “El Dorado County specialist” “luxury and estate home specialist” and recently I have seen a “short sale/foreclosure specialist.” I have always been a little suspicious of self-proclaimed experts. Do specialists have additional real estate licensing credentials? Do specialists possess special knowledge not available to non-specialists? What happens when a “horse property specialist” runs across a buyer for a non-horse property? Should they refer their clients to a “non-horse property specialist”? Should a “specialist in El Dorado Hills” be allowed to sell a home in Placerville where they are not? I don’t see many agents who are self-proclaimed “first time home buyer specialists”. What’s up with that?
All my life I have been a generalist. That’s what happens to Political Science majors. Engineering majors spend their careers as engineers. Pre-med students will continue throughout their life in the medical field but Political Science majors will spend 45 years at many different jobs as generalists. We know a little about everything and not especially a lot about any one thing.
Generalists, however, fit well into real estate sales. The business demands constant multi-tasking (one reason I think women are more natural at it that us guys). There are many decisions to make about where to spend our limited resources of time & money most productively. I would rather be showing houses than completing disclosure forms; I would rather talk to people in person than on the phone or by e-mail; I would rather be the bearer of good news than bad and I like helping first time homebuyers. The commissions are less but the rewards greater. Does that make me a “first time home buyer specialist”?
Most first time buyers are fun to work with and don’t require the expertise of a specialist. They have a hopeful expectation about buying their first home but usually don’t have a clue about the process. I like working with first time buyers because they don’t have an inflated ego or an “it’s all about me” attitude. They think my Honda Accord is a luxury car and are impressed if I spring for lunch at Taco Bell. First time home buyers were scarce in our county in 2005 and most of 2006 but that is starting to change.
El Dorado County has not been first time home buyer friendly. Our home prices have been too high, selection of affordable homes too limited and it can be a long, commute to work, major shopping or entertainment. Many potential home buyers associate El Dorado County with the McMansion in El Dorado Hills or Serrano. They are not aware of the more affordable Diamond Springs, Placerville or Auburn Lake Trails. Recently, however, more first-timers are discovering El Dorado County.
Since the beginning of the year, 355 homes have closed escrow in the county and 36 percent (129) have been priced below $400,000. With the median price of a home in California holding at $550,000 a good one-third of our home sales are in an affordable price range by comparison.
Most first-time home buyers are price sensitive and will choose more affordable Sacramento County to begin their home buying journey. The median selling price of a home in Sacramento County is $350,00 while ours is $495,000. Many young families, however, are discovering distinct differences in the quality of life enjoyed in El Dorado County in comparison to the urbanized Natomas, Elk Grove and Antelope. Our past shortages of homes priced under $400,000 has prevented home buying opportunities for first time buyers but today we have 370 homes priced under $400,000 to choose from.
Living in the foothills offers recreational opportunities that appeal to younger and more active residents. Family safety and security are more important concerns and many young families are seeking a more simplistic and natural lifestyle, found in our rural areas. The Miwok Indians are already planning for a younger constituency visiting their Shingle Springs, Foothill Oaks Casino. Their gaming facility will include five restaurants, a childcare center and family fun center. The 900 new jobs will likely attract many younger county residents.
First time home buyers have often been over looked by agents specializing in working with more affluent and upscale buyers. First time buyers can be more difficult to qualify for a loan and require more time and attention. Our current market, however, presents an opportunity for first time buyers and agents who want to call themselves “First time buyer specialist.”
All my life I have been a generalist. That’s what happens to Political Science majors. Engineering majors spend their careers as engineers. Pre-med students will continue throughout their life in the medical field but Political Science majors will spend 45 years at many different jobs as generalists. We know a little about everything and not especially a lot about any one thing.
Generalists, however, fit well into real estate sales. The business demands constant multi-tasking (one reason I think women are more natural at it that us guys). There are many decisions to make about where to spend our limited resources of time & money most productively. I would rather be showing houses than completing disclosure forms; I would rather talk to people in person than on the phone or by e-mail; I would rather be the bearer of good news than bad and I like helping first time homebuyers. The commissions are less but the rewards greater. Does that make me a “first time home buyer specialist”?
Most first time buyers are fun to work with and don’t require the expertise of a specialist. They have a hopeful expectation about buying their first home but usually don’t have a clue about the process. I like working with first time buyers because they don’t have an inflated ego or an “it’s all about me” attitude. They think my Honda Accord is a luxury car and are impressed if I spring for lunch at Taco Bell. First time home buyers were scarce in our county in 2005 and most of 2006 but that is starting to change.
El Dorado County has not been first time home buyer friendly. Our home prices have been too high, selection of affordable homes too limited and it can be a long, commute to work, major shopping or entertainment. Many potential home buyers associate El Dorado County with the McMansion in El Dorado Hills or Serrano. They are not aware of the more affordable Diamond Springs, Placerville or Auburn Lake Trails. Recently, however, more first-timers are discovering El Dorado County.
Since the beginning of the year, 355 homes have closed escrow in the county and 36 percent (129) have been priced below $400,000. With the median price of a home in California holding at $550,000 a good one-third of our home sales are in an affordable price range by comparison.
Most first-time home buyers are price sensitive and will choose more affordable Sacramento County to begin their home buying journey. The median selling price of a home in Sacramento County is $350,00 while ours is $495,000. Many young families, however, are discovering distinct differences in the quality of life enjoyed in El Dorado County in comparison to the urbanized Natomas, Elk Grove and Antelope. Our past shortages of homes priced under $400,000 has prevented home buying opportunities for first time buyers but today we have 370 homes priced under $400,000 to choose from.
Living in the foothills offers recreational opportunities that appeal to younger and more active residents. Family safety and security are more important concerns and many young families are seeking a more simplistic and natural lifestyle, found in our rural areas. The Miwok Indians are already planning for a younger constituency visiting their Shingle Springs, Foothill Oaks Casino. Their gaming facility will include five restaurants, a childcare center and family fun center. The 900 new jobs will likely attract many younger county residents.
First time home buyers have often been over looked by agents specializing in working with more affluent and upscale buyers. First time buyers can be more difficult to qualify for a loan and require more time and attention. Our current market, however, presents an opportunity for first time buyers and agents who want to call themselves “First time buyer specialist.”
posted by Ken Calhoon at 7:18 AM
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