More than 70 local home buyers and owners convened at an event organized by The Alliance in Montgomery, AL on October 22 to talk about enhancing resources for individuals pursuing homeownership and best practices for protecting the equity acquired through homeownership. The event was led by community leaders and industry experts.
The executive director of The Alliance, Colin Allen, the pastor of Fresh Anointing House of Worship, and Bill Green from the Douglass Leadership Institute gave opening remarks at the occasion.
LaRese Purnell, author of “Financial Foundations,” gave a keynote talk, and attendees also enjoyed a panel discussion and Q&A on “Making Homeownership a Reality.” Among the panelists were Steve Stringer and Bill Renfroe of River Bank & Trust, Deborah Hill and Kimberly Lumpkin of Synovus Bank, and Cassandra Andrews of Chosen Realty, members of the Federal Home Loan Bank of Atlanta.
These experts talked about wealth disparities that impact Black families across generations, the difficulties faced by first-time buyers, and potential solutions to increase equal access to homeownership for everyone.
Buying a home is an investment in the nation, communities, and families. However, there are several obstacles in the way of becoming a homeowner today, including a lack of available homes, high housing prices, competitive bidding, and mortgage rates that are often close to 8%. These difficulties put off prospective millennial and Generation Z homebuyers by creating obstacles in their way. In actuality, at 36 years old, the typical age of a first-time home buyer is the highest it has ever been.
It’s never too early to start preparing for the process of buying a home, and our panelists talked about the things that everyone should know in order to become a homeowner, such as:
Making a down payment savings
Creditworthiness and knowledge of finance
Asking realtors, lenders, underwriters, and inspectors the right questions
safeguarding your investment and creating wealth for future generations
The Alliance is striving to progress the ideas that will increase first-time buyer assistance and open up more opportunities for homeownership in Alabama and across the nation.
By increasing the scope of our pre- and post-purchase consultations, we can offer consumers more individualized assistance at every stage of the process, from saving money to obtaining homeowners insurance. Subsequently, the use of alternative credit modeling techniques that go beyond credit score-based approaches would fortify fair access to home loans and position borrowers for future financial success. Finally, the market will grow if down payment assistance programs are developed to aid purchasers in obtaining an affordable house and if incentives are offered to existing owners to sell to first-time buyers.
The need of safeguarding homeownership even after obtaining the keys and entering the property was discussed throughout the session. To guarantee that all assets and valuables are managed and that the future generation is prepared for success, this involves creating an estate plan. Furthermore, by supporting the repeal of the unfair tax foreclosure policy, which permits the government to withhold more money from homeowners who fall behind on their property taxes than is owed in taxes, interest, and penalties, Alabamans can strengthen the state’s protections for property owners.
This year’s gathering in Montgomery is the fourth of its type; talks will also take place in Dallas, Charlotte, and Cleveland. Register to receive updates on upcoming events as well as the newest housing resources and news.
The Alliance is dedicated to facilitating access to the wealth-building advantages of homeownership for people and communities across the nation. Follow us on X, LinkedIn, and Facebook to stay up to date with our work and be the first to know about upcoming events near you. Stay tuned to see where we’re headed in 2024.