June is Homeownership Month
Families like the Ashfords of Greece have every reason to celebrate this June. The family of six recently purchased their first home after completing the First Time Homebuyer Program at The Housing Council.
Like many new homebuyers in the Rochester area these days, they faced strong competition for a limited number of moderately priced homes. Realtors in the area regularly see multiple offers, escalation clauses, and homes selling over the list price with many buyers competing for fewer available homes, according to the Greater Rochester Association of Realtors.
The Ashfords, consisting of Ashley, Kyran and their four children, aged three to twelve, had been dreaming of owning their own home for a while. They started working with a homeownership counselor at The Housing Council in early 2020, knowing that they needed additional support to become mortgage ready. By working with their Homeownership Counselor, they were able to determine how much they would need for down payment and closing costs. Their Homeownership Counselor also helped them create a savings plan, and review grant options to help them reach their upfront cost needs. They were eligible for Monroe County’s First-time Homebuyer grant, and received assistance with the paperwork and preparation.
Becoming ready to purchase a home turned out to not be the only hurdle on their journey to homeownership. With very limited housing supply in the Rochester area, finding an affordable, safe house for their family, proved a little tougher. The first home that they submitted an offer on, they had to walk away from after the final inspection brought up costly needed repairs. After more searching, they put in an offer on a second home. After unforseen delays, they were finally able to move into their new family home.
Having a home of your own is certainly a reason to celebrate in June and any month! Homeownership can have many benefits beyond a roof over your head. Building your own equity is an incredible move financially. Well-maintained homes increase in value, building wealth for you and your children over time. With careful planning, you also have less concerns about the uncertainty of monthly costs as you would as a renter. Homeownership can also assist in building personal financial skills, and studies have shown that homeowners are much more civic-minded, more involved in their community and that children raised in their own homes do much better in school.
The Ashfords offer this advice to others interested in becoming homeowners for the first time: "Be patient, everyone has a different journey. Ask questions, stay on top of your paperwork and communication, and lastly, don't rush it, just find the right home for you."
The Housing Council’s Homeownership Program focuses on housing stability through education and counseling to protect the assets of our community and increase the economic capabilities of families like the Ashfords. Future homebuyers graduating from the program are educated on the true cost of homeownership and guided on making their best decisions for their long-term success.
“We help first-time buyers become better consumers by explaining the home purchase process and providing information on mortgage and grant options,” states Mary Leo, Executive Director of The Housing Council. “We offer education, one-on-one counseling, and possible financial assistance towards purchasing a new home. We will teach you everything you need to know so you can achieve your dream with confidence.”
Congratulations, Ashford family! May your new home provide you with many fond memories and build your familial wealth for many generations to come.