How Your Realtor Can Help Analyze Your Wealth Potential

How Your Realtor Can Help Analyze Your Wealth Potential

Want to position yourself for the new economy?  Think about acquiring one of the world’s original foundations of wealth— real estate. “Ninety percent of all millionaires become so through owning real estate. More money has been made in real estate than all industrial investments combined”- Andrew Carnegie.  

  1. Take a snapshot of your financial position.  Are you positioned to acquire real estate?  To start take a look at your debt to income ratio. Calculating your debt to income ratio (DTI) is simple.  Divide your monthly debt payments by your income.  For example, if your debt costs $1500 per month and monthly income is $6000 ($1500/$6000) your DTI is 25%. Most lenders when reviewing a mortgage application look for a ratio of 45% or lower. 

  1. Identify your goals. Opportunity awaits home buyers and investors, because prices have gone down.  In Fairfield County, the median price (sold single family homes) is down 5.9% - from $455,000 in December 2014 to December 2016 where it was $428,000. 

  1. Understand the market. I am often asked “How is the real estate market?”. My response, “It’s awesome.  There’s opportunity right now in every price range”. Is it a “Buyer’s Market” or is it a “Seller’s Market”? Would it surprise you to know that it can be both, depending on the price? At some price points, we are experiencing multiple offers.  Because of higher inventory, others are geared to buyers. If you own a home have a REALTOR analyze your local market to determine your current equity position. 

  1. Hire the right team. Your purchase should be handled by professionals. Arm yourself with a REALTOR that can interpret the market data.  The REALTOR is the captain of your investment team. Your REALTOR, along with a property inspector, loan officer and real estate attorney will navigate you through the process and position you for wealth in the future. 

2017 can be your year of opportunity by following the steps above to make real estate your building block for wealth. Contact me at [email protected] to discuss your potential!

Kimberly Tapscott Headshot
Phone: 203-252-8327
Dated: January 18th 2017
Views: 411
About Kimberly: ...

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