Womack assists millennials entering home-buying market
Millennials are becoming first-time home buyers, helping to keep Houston’s real estate market strong.
Millennials are the group following Generation X, are generally the children of baby boomers, and are usually between the ages of 25-34.
“After living in apartments and having roommates, millennials have been and are continuing to become home buyers.
However, many in this generation believe they cannot afford to buy a home — but they can, and they do not need to have the standard 20 percent down.
For first-time home buyers, the Federal Housing Authority offers 5 percent down,” said Gerald Womack, broker/owner/ Womack Development & Investment Realtors.
Many millennials are interested in living close to downtown and inside the Loop to be close to work, continual activities, green spaces, walkable and bike areas, restaurants, and night life.
“The City of Houston has programs to assist first-time home buyers with down payments, with $25,000 if the home buyer makes at least $38,000 annually. It also depends on the number of family members, and for home purchases in certain areas around Houston,” Womack said.
To qualify, first-time home buyers are required to take an eight-hour course to receive a certificate that they provide the city.
“I continually train my staff and teams on many different topics, such as how millennials and all generations can build wealth by investing in a home,” Womack said.
Working with first-time home buyers takes extra skills, such as educating them on the process, their options and programs available to assist them in down payments.
It also requires patience because some can become overwhelmed in looking for and purchasing a home. A Realtor also can help them determine how much they can afford to spend on a home.
“The first thing I do with any first-time home buyers is to help connect them to a loan officer so they can be preapproved, which is the first step. I also highlight the importance of working with a Realtor and not depending on the internet, friends and family in making a home-buying decision,” Womack said.
There is a lot of information on the internet, but the internet does not answer questions like an experienced Realtor who knows the market, the process and understands all the requirements, regulations, and documentation that goes with purchasing a home.
“There are many new homes and townhouses in close-in neighborhoods (with) three bedrooms, two baths and a game room that are affordable. I believe it is important for builders to build affordable homes for first-time home buyers,” Womack said.
Womack works with Harris County Housing Authority — as vice president — to help ensure the city has affordable housing for all.
Womack also is highly involved with many other organizations throughout Houston to help people achieve their dream of owning a home.