In Episode 22 of the Intelligent Equity Podcast, host Ryan Kiefer talks with Chris Crowley of Comey & Shepherd Realtors. Chris shares his thoughts on what kinds of challenges and opportunities are out there for first-time buyers in 2020. You’ll also hear about how home affordability has actually improved because renting is currently more expensive than owning.

Episode Highlights:

Chris Crowley grew up helping his father who was a contractor. This gave him exposure to a behind-the-scenes view of renovating.
He has been an active agent for 14 years with Comey and Shepherd.
First-time homebuyers are up against a lot in the current market.
It’s a very competitive market. First time buyers don't have time to think about it. You have to go into a home, look at it, and make your decision while you're there.
Local starter homes start between 100-250k.
What are the challenges or opportunities currently for move-up buyers?
Most people in the mid-range level aren't in a position to buy without selling.
Sellers take a risk when accepting an offer with contingencies.
Typically winter is a slower time of year, but there are a ton of buyers out there right now.
The traffic is up over 12% year over year in terms of buyers out looking at homes, particularly in the starter home market.
What advice does Chris have for sellers who would like to wait for the spring market?
Chris feels that the weather is a huge factor in when the spring market will take off.
If the weather holds out how it is right now, the spring market is right around the corner.
The spring market will be competitive and it is already gearing up.
Buyers that are out looking at this time of year are typically serious.
If you get a showing request this time of year, it's a serious buyer.
Chris is hoping for a very successful, prosperous year for everybody.
Home affordability has actually improved because rates are back near historic lows.
If you own a starter home, you can get top dollar for that home right now and probably get a good deal on your move-up house.
With rates being so low, rents are extremely high. It's a perfect time to buy.
You're going to save money by owning vs. paying high-dollar rent.
Your median rent takes up 28% of the median income in this country. Buying a home takes up 17%.

3 Key Points:

The current market is extremely competitive for first-time homebuyers.
There are a ton of buyers looking right now. The spring market will take off soon.
Home affordability has improved with unexpectedly low interest rates.

Resources Mentioned:

Ryan Kiefer: LinkedIn, Facebook, Website
Chris Crowley website, Facebook, LinkedIn

Episode 22: Challenges and Opportunities for First-Time Buyers with Chris Crowley