How’s the Real Estate Market? Ask the Expert with Erika Mlachak

    Why is Home Ownership an important aspect of becoming a Financially Wise Woman? 

    Real Estate has historically been a source of wealth creation.  We all need a place to live.  Real Estate gives us both a roof over our heads (which we get to call “home”) and acts as a wealth creation vehicle.  Our housing expenses are typically our largest expenses, so it makes sense that we put that money to work in the best way we can.  Further, when we purchase or sell Real Estate, those transactions are likely to be the largest in our lifetimes, making Real Estate a very important aspect of becoming a FWW.

    What are some common FAQ’s to the Real Estate Market?

    In this current Real Estate climate, I often get the question:  “How’s the Market”?  Well, that depends on your current real estate and financial goals.  Are you buying, selling, or investing in Real Estate?  Quite honestly, the market varies depending on your individual situation.  Also, a common misconception is that nobody is purchasing Real Estate in this market, which is simply not true.  When discussing the Real Estate market, one should consider that a national Real Estate report is likely not an accurate market picture of your neighborhood, and instead focus on local market reports.  Each market is vastly different.  In fact, there are some markets in which sales are up and multiple offers are the norm.  Also, interest rates and home sales prices are at historic lows, offering first time homebuyers the opportunity to enjoy home ownership.  Another misconception is that if you are upside down (you owe more than the home is currently worth) there is nothing you can do to improve your housing situation.  The truth is there are several options available (including loan modifications and short sales) and reaching out to a knowledgeable Real Estate Professional who can answer your questions and guide you towards the proper programs is a great place to start.

    To get more information about Erika Mlachak, Real Estate Broker and Founder of Verde Realty, you can email or call her at Erika@Verde-Realty.com,   310-740-5815.  

    Erika Mlachak and Verde Realty are not affiliated with LPL Financial or Perennial Financial.

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    Britt Castro, CFP® and Founder of Financially Wise Women
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