Purchasing a home is often the biggest financial investment an individual or family ever makes, and housing is often the largest item in a budget. There is no investment the average American makes that is more beneficial to achieving wealth than home ownership over the long-term.
According to the data from the Federal Reserve triennial survey of consumer finances (SCF), published in the Federal Reserve Bulletin, Sep 2017, the median net worth of Americans who are homeowners is $231,400. When you exclude home equity (median value $185,000), that net worth is still $46,400, meaning the majority of homeowners’ wealth is in real estate rather than other financial assets. Additionally, when you look at the median net worth of non-homeowners, that figure is only $5,200. Real estate, primarily homes, is a very critical piece to the overall wealth of most Americans.
What's YOUR Home Worth?
As a component of the financial planning process, Objective Financial Solutions can provide advice and analyses related to the purchase, sale or exchange of property, including tax implications. Analyses may include rent versus buy, types of mortgages, and first-time homebuyer planning. Services can be provided for primary residences, secondary/vacation homes and income generating properties.
We can also provide advice on the processes and fees involved in typical real estate transactions, understanding the additional expenses associated with homeownership, and the mortgage process. General real estate advice can be packaged for clients based on their needs for an hourly fee, or negotiated package price, or as part of a comprehensive financial plan.
If you are in the implementation phase of your financial plan, or already own a home, Andrew Smith (OFS’ principal) is a licensed Realtor in North Carolina, and can provide additional real-estate related services, such as assistance with buying or selling properties. Main areas serviced include Asheville and Hendersonville. Any such agreements would be accomplished outside of Objective Financial Solutions purview, and would be strictly between client and Andrew J Smith as a licensed Realtor, and subject to all disclosures and agreements as required by the North Carolina Real Estate Commission.
In North Carolina, IT IS THE LAW! EVERY real estate licensee must provide Agency before providing property information. These are consumer protection laws that require us to provide you with a Working with Real Estate Agents brochure, review it with you, and determine how you would like to be represented by your agent in your real estate transaction. You may also click on the following link:
Never trust wiring instructions sent via email from anyone. Always independently confirm wiring instruction in person or via a telephone call to a trusted and verified phone number.