In a recent episode of the popular radio show Business Innovators Radio, the show host Alicia Dibrell interviewed experienced real estate professional Bob Wiley. This interview was primarily focused on addressing the common issues faced by the first-time home buyers.
Born and brought up in Baltimore City, Bob Wiley has almost three decades of sales experience in customer-focused business operations. After spending many years in retail and corporate sales, he stepped into the real estate industry in 2010.
During the interview with Alicia Dibrell, Bob discussed the unfavorable condition of the real estate market when he started. As a result of the poor market conditions, selling real estate properties became extremely difficult during this period. The only people purchasing homes at this time were the first time buyers, and Bob worked hard on improving his skills to focus on this segment of the market.
In this interview, Bob answered several key questions related to purchasing a real estate property for the first time. He feels that a first time home buyer must consider certain factors before making a buying decision. Bob suggests that every prospective home buyer should be well prepared to handle the added responsibilities associated with home ownership. A well-paid job and good credit rating are extremely important in this regards. Bob advises the home buyers to prepare for a year or two to make sure that home ownership is not a burden for them.
Bob also discussed in detail about the different options available in the real estate market for the first time home buyers. Single-family homes, condos, detached properties and the co-ops are some of the options he recommended. However, Bob feels that the first time home buyers should try to avoid short sales.
Finding out a reliable real estate agent is generally a stressful job, particularly for the first time buyers. Bob suggests the home buyer interview the agents, asking them questions related to their experience, education, accreditation, and the number of projects completed. He also stresses the importance of finding a good personality match.
Available finance options often play an important role for the first time home buyers. Answering Alicia’s questions on this, Bob said, “All buyers pretty much have the same choices when acquiring a mortgage. The main difference for the first-time buyers is that there can be discounts in the transfer and recordation tax. That is the way it is in the state of Maryland. Other states may have different discounts, as well. There are lenders offering programs for the first-time buyers that they don’t offer to the repeat buyers. They might include a discounted rate or a special down payment requirement. In some jurisdictions like Baltimore City, we have special programs for first-time buyers.”
Other key points discussed during this interview included choosing the right neighborhood, the transaction process while purchasing a home, common misconceptions related to a home purchase, common mistakes committed by the first time home buyers, and much more.
The entire interview with Bob Wiley on Business Innovators Radio is available at