Akron Life November 2023

to start increasing equity and building a life in their community that bene fi ts their community in many ways. Communities that offer homebuyer education and some fi nancial assistance can have an advantage attracting homebuyers.” WHAT HOMEBUYERS WANT We want many different things in our neighborhoods, but most of us want walk ability. The Community and Transporta tion Preference Survey is a NAR national poll every three years. The 2023 survey showed that 70% of those surveyed in America’s 50 largest metropolitan areas say “being within an easy walk of other plac es and things, such as shops and parks, is very/somewhat important.” Also, 85% gave a thumbs up to sidewalks. Whitley says communities need to promote their assets and work with RE ALTORS® to get that information to po tential homebuyers. Amenities that many buyers want, including good schools, access to public transportation, major ve hicle routes and good city services, also encourage residents to remain in their communities when it’s time to be move up buyers. Sometimes outdated zoning regulations or unenlightened zoning boards also can be barriers to homeownership. That can especially be true when it comes to af fordable housing or non-conventional housing, including the transformation of shipping containers into homes, as well as allowing houseboats, tiny house, earth bermed houses or barndominiums. “One example is that we are seeing some communities where zoning laws don’t allow for high density housing,” says Gaebelein. “There is a community in Northeast Ohio with an issue on the ballot to ban townhomes. Townhomes are standard entry-level housing in our country.” “ Buyers need to have their own advocate. Hiring a buyer’s agent to make sure they have someone in their corner will help them throughout the whole process. —Ali Whi t ley

IT'S STILL A SELLER’S MARKET Understanding the homebuying process and “demystifying” it goes a long way to helping homebuyers overcome real or per ceived barriers. Legal and fi nancial con cerns, and, even in some cases, discrimi nation, can be complex issues that require professional expertise. “The biggest misconception for consum ers is that they don’t need REALTOR® rep resentation. And I think that falls squarely on us as REALTORS® to educate the con sumer about the bene fi ts they have work ing with us,” says Vittardi. “Buyers need to have their own advo cate,” says Whitley. “Hiring a buyer’s agent to make sure they have someone in their corner will help them throughout the whole process.” Whitley notes that the state of homebuy ing is “a seller’s market,” with transactions favoring the seller, not necessarily the buy er. Most real estate professionals and hous ing economists say it will be seller’s market vs. a buyer’s market for several years. “So that means there are multiple buyers looking at one particular house. And when that happens, we have all kinds of compe tition. If a buyer is just waiting to see some thing online, it may be too late,” warns Whitley. “It’s much better together with a REALTOR® who is searching for properties they can afford and will be interested in. We can often get our buyers over to a house before we are in a multiple offer situation.” REASONS FOR OPTIMISM Barriers to homebuying for some con sumers are real, but not universal and not insurmountable, according to Wright. She cites reports that show new construction is increasing, “if ever so slightly, but still in creasing,” providing more homes on the market. The REALTOR® also points to the on-going and innovative conversions of buildings that were former warehouses,

factories, schools and churches into sin gle-family or multi-family units. And although this trend also can have a slight negative connotation, Wright says the competition to buy a house may be lessened because “some buyers are getting out of the market.” “These former buyers may face some new fi nancial changes or problems that cause them to drop out. Or sometimes they are just fatigued after looking for a house for so long,” Wright says. And as more communities get on the bandwagon to provide down payment assis tance and other fi nancial help to home buy ers, ACAR members have reason to celebrate their buyers’ success stories.

COMMUNITIES SHOULD STEP UP TO THE PLATE TO HELP CREATE MORE HOMEOWNERS Homeownership is the American dream and key to building community pride, engagement and generational wealth. However, saving for a down payment may be a barrier to home ownership for some. ACAR encourag es our local governments to consider implementing a local down payment assistance program or other home buyer incentive to support homeown ership. If you agree, join our e ff orts by completing the form below. Your contact information will be protected and not shared publicly.

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4 ACAR Akron Cleveland Association of REALTORS ®