Tired of Renting
The Kansas City Star talked to Michelle Coleman. “I’m just tired of renting,” Coleman said.
“Any extra I get, I want to put into a home, not lining someone else’s pockets.”
She’s one of a growing number of African-Americans in Kansas City — and the nation — who don’t own a home.
She’s tired of renting
A recent report from Harvard University’s Joint Center for Housing Studies found African-Americans aren’t sharing in the housing recovery, even as whites, Asian-Americans, and Latinos slowly see gains in home-buying. The center said the disparity between whites and blacks is at its highest in 70-plus years of data.
Experts say reasons for the lower homeownership rate range from historic underemployment and low wages to a recession-related foreclosure crisis that hit black communities particularly hard.
Homeownership rates among African-Americans in the Kansas City metro area slipped from an estimated 45.7 percent to an estimated 37.7 percent from 2005 to 2015, according to American Community Survey data analyzed by the Associated Press.
Research by the Federal National Mortgage Association, Fannie Mae, indicates few potential homebuyers know about pre-qualification education programs.
“One of the whys of blacks being left out is education. Being educated on real estate: how to buy a home, how to take care of a home, what you need for credit, what counts for credit,” said Victor Frederick, president of the Kansas City chapter of the National Association of Black Real Estate Brokers.
Tired of Renting
We have tried our hand at education and wrote the following articles:
- Avoid Kansas City Foreclosure – Owners of almost 1500 homes are in danger of losing their homes, according to the map courtesy of Zillow, Some in Kansas City have already failed to avoid Kansas City foreclosure. Many are in the pre-foreclosure stage. If you are avoiding foreclosure Kansas City, we can help!
- Adjustable Rate vs. Fixed Rate Mortgage – A lot of people got fooled in the thunderous housing crash in 2008-2009 with adjustable rate mortgages. When facing the jigsaw puzzle of choices for a mortgage when buying a house, does that mean the choice between an adjustable rate vs. fixed rate mortgage is over?
- FICO 9 Credit Score – Making your credit payments on time is one of the biggest contributing factors to your FICO 9 Credit Score. Set up reminders like knotted strings on your fingers for making payments or switch from paying by check to automatic bank debits to each creditor.
- FICO is a Big Fake – You can be on time with no missed payments and still score low. Why? “The percentage of available credit and your on-time payment history are the two biggest determinants of your credit score. Revolving credit is indeed the 800-pound gorilla in this equation.
- Build a Down Payment In 1 Year, 3 Years, Or 5 Years – The big question is How Do You Build A Down Payment In 1 Year-3 Years-5 Years. Here is what Trulia suggests:
Tired of Renting
- How to Stop a Foreclosure – That event that you were fearing is close to happening. The phone rings day and night. Not only do bill collectors call, but the bank started calling. First, they sent a notice stating that you were late with your payment. Then they started calling warning about foreclosure if you didn’t bring things current. You can’t sleep. Instead of counting sheep you are counting sheriff’s visits to your door tacking up notices to vacate. You moan in your sleep. “Please someone tell me, how to stop a foreclosure?
- 6 Tips for First Time Home Buyers – You did it. You saved enough money for the down payment on a house here in Kansas City. Including, the extras such a purchase might entail. Now, how do you go from looking online at dozens of houses for sale in your price range to making an offer?
- Why Not Build – The news is awful for those looking to buy a house. There is not enough supply, and there are buyers scrambling to buy what is available. I asked myself, “Why Not Build?”
Tired of Renting?
We are here to help. Terra Firma Property Solutions, LLC is a professional, full-service real estate solutions firm.
We buy and sell properties throughout the greater Kansas City area. our company specializes in buying distressed homes, then renovating and reselling them to home buyers and landlords. Terra Firma Property Solutions: excited to be part of the economic rejuvenation of Kansas City and its surrounding areas.
Call us today at (816) 866.0566
