The Housing War and How It Impacts our Black Community
Edie Phillips is a Licensed Real Estate Professional. Her career path into Real Estate has been a good one. Phillips came to Austin to attend St. Edwards University. This was a happy medium for her mother as to what college she would attend. Her mother felt SMU in Dallas was too far. Phillps mother was a graduate of Tillotson college (women’s school). Her mother was in the last class to graduate from the female college before they merge to become Huston-Tillotson College. It is now a University.
What is it that Phillips likes about helping a family or individuals get their home? She enjoys educating buyers about the buying process. She soon realized that Individuals do not read the fine print or understand what they were signing, or the acronyms used. Phillips decided if they can’t read it she will read it, if they don’t understand she would explain it before they signed off. Phillips has always been excited about educating people but the most “fantabulous” work is when a family closes and the children are excited about having their own room or not playing in a parking lot because they now have a backyard. She said, “this makes me cry.” That’s the real excitement. The money will come but at the end of the day, it’s about helping people.
The challenge Phillips and other agents have in this new market is having buyers that are pre-approved for a certain amount of money but the market does not have much to offer. To put things in perspective, Phillips explained there are not any new construction homes in the Austin area. Buyers soon find out 300K does not buy them anything in the Austin area.
But what about the impact on the Black families in our community? Is there a bigger challenge? Philips explains there is a bigger challenge for individuals that are from the Austin area. They have been priced out. The Millennials with great jobs are fine. They are coming from California mainly. If all realtors stop working today they would have 3 weeks of inventory to sell. That is why people are bidding on houses. They move here because of their jobs. The bottom line is if you are here in Austin, you are most likely priced out of the housing market.
What makes Phillips unique in selling homes even in this market. The fact that she sits down and no matter how long it will take. She walks them through the process. Phillips says just because an individual wants to purchase a home it may not be at that time. They may need to work on their credit score, debt to income ratio, and credit card debt.
So what we know is unless you have disposable income or want to bid for a resale using any extra money you have, getting a home in Austin right now, has a huge impact on our black families owning property.
Phillips’s advice for someone who wants to start looking at home buying is “ don’t want until the last minute.” Start asking questions now. You need to talk about what it’s gonna take. If you are looking now consider the waiting list for new homes, and when your name comes up if you are pre-approved, you put down your earnest money, then your name goes on their VIP list. There is no home sitting and waiting for a buyer those times are not happening. Contact a realtor and get the assistance you need from someone who reads the fine print and can ensure you are getting the best deal.
It is very stressful to purchase a home right now. Buyers are angry, frustrated, especially after 10-15 offers and offering cash and not getting the home. Cash is no longer king.
In 2014 Phillips realized buyers needed a guide. She wrote a homebuyer’s guide Edie’s First Time Homeowners Guide. Her last word is to be resilient in buying or listing a property.
If you need a realtor and you are looking for someone to help you through the process, you can contact Edie Phillips at 512.775.0637.