The real estate market continues to face a high-cost, low-affordability environment. While the biggest cost when buying a home is the home price itself, buyers must also consider closing costs and everything else needed to close a transaction. That price tag, though, does not tell the whole story of a homeowner’s investment—after the closing comes all the ongoing costs of maintaining it. And due to both market and environmental factors, the calculation of many carrying costs is changing.
This exclusive RISMedia Premier Report examines how real estate industry professionals can elevate their value by supporting clients through the realities of homeownership costs. From agents to home-repair industry experts, experts share how they and their clients have responded, providing insight into the ways in which the industry can support and educate clients about all the financial pressures associated with homebuying and homeownership.
Key takeaways include:
- Client-facing education is crucial. Buyers don’t necessarily begin a transaction knowing all the costs they’ll incur, so working with a knowledgeable REALTOR® is key.
- While buyers aren’t always proactive when it comes to saving for repairs and routine maintenance, the timing and manner in which agents can help provide advice on this can show true value.
- Rising property taxes are the trade-off homeowners experience for increasing value. Understanding the nuances and educating on the process of revaluations or other changes can help agents show their local expertise.
- As insurance costs spiral, buyers need help making sure their home purchase pencils out over time, and well-informed agents can ensure clients are successful in the short and long term.
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