MILLENNIAL REAL ESTATE EMPOWERMENT WITH MARYLAND REALTOR WESLEY WILLIAMS

Article by LeAnne N. Roberts

Eight years ago, Wesley Williams of Tenet Real Estate Solutions was an accountant when he jumped into real estate to rescue his sister from a subpar realtor during her home-buying search. After being “unimpressed” with the service, he swiftly offered to get his real estate license, ultimately leading to his departure from a Finance career that he wasn’t passionate about. His sister has since sold that property, but his passion for entering the trade remains. Nothing like the love of a sibling, right?

Wesley applies the same commitment to excellence with his clients years later. In our interview with him, he shares some essential tips for young people, particularly millennials, about homebuying and insights he offers his clients:

Get educated by a professional. “One of the things I love most about being an agent is being able to educate people about the process. Homeownership is very intimidating because it is so regulated. There is a lot of paperwork and red tape, but as soon as I break it down for clients, their anxieties ease, and the path ahead becomes more comfortable.” While his accounting background does make him an exceptional realtor, he still encourages buyers to stay vigilant when taking financial advice and hiring a realtor.

Know the market you’re in! “Right now, we’re leaning more towards a buyer’s market because buyers are a lot more confident to ask for closing help, and houses are staying on the market longer. Sellers are a little more incentivized to reduce prices and ease costs for the client.” As with any market, there are ebbs and flows, and some places have vastly different metrics than others. Staying on top of the market you’re in could save you thousands of dollars.

Refrain from letting a competitive market force you into spending more money. “As of last year, Q1, millennials made up 43 percent of real estate buyers. According to a National Association of Realtors study, the influx of millennials moving back home and living with their parents gave them more disposable income. I don’t recommend spending forty or fifty thousand dollars over the asking price to my clients just because the seller insists that other buyers are willing to.”

Never forgo contingency inspections. “The final decision is yours as the buyer, but it’s not a good idea because if the floor caves in the day after settlement, you have to deal with an avoidable (and expensive) crisis.”

Find out what you can afford by getting yourself pre-approved! If you’re not pre-approved, you’re guessing. “Even if you’re not looking to buy a house next month, get an actual pre-approval. This means that the lender will pull your credit and look at your statements, making you aware of how you will finance a house before searching! Some people find a home and then search for financing, which can lead to ultimate disappointment if you cannot secure funding. I had a client looking for houses in the five-hundred-thousand-dollar range when we started searching, and when we got her pre-approval, she could not afford homes in that price range. I no longer write offers without the buyer being pre-approved.” Pre-approval equals informed decisions and a more straightforward process.

Take advantage of lending programs! “They have lending programs for teachers and firefighters, and even if you live in a particular zip code, you can get up to $15,000. So don’t assume you can’t afford to buy a home and rent forever.”

Don’t count yourself out if you’re Gen-Z. “One of the biggest ways Black people can build wealth in this country is through real estate! If you can get property in a location where the value is likely to appreciate, then in 10-15 years, you have an asset that you can either pull money out of or sell and use as a down payment for your dream home down the line. I’m trying to convince my daughter, turning 18 this year, to get her real estate license. If you access that market early, it gives you more ammunition regarding your financial well-being. She doesn’t have to become a full-time realtor, but getting as educated about the market as possible will only propel her future planning. Unfortunately, real estate education is not taught in schools, despite everyone needing a home.”

Figure out if you’re truly committed to renting. “Decide if you want to pay someone else’s mortgage or your own. The reality of homeownership is more responsibility, but it’s an investment into your own financial well-being.” Rent and mortgage cost the same right now!

Be patient and keep your eye on the prize! “All the stuff in between submitting an offer and finally moving into your home is small stuff in the grand scheme of things. I have clients who are ready to walk away because a lender asked them for another piece of paper for the fifth time. Everybody has their process, some more efficient than others.” Consulting with a realtor may alleviate some of the stress, but it still takes a lot of patience.