Real estate professionals and financial advisers can work together to help individuals make informed decisions in the current housing market. The housing market is facing unprecedented challenges, with mortgage rates reaching 8 percent and soaring home prices making it difficult for new buyers to enter [368f1ca4]. According to Zillow, new homebuyers may need to spend approximately 13.5 years in their homes before breaking even on their investments. Factors such as mortgage rates, down payment amounts, closing costs, property taxes, and the annual appreciation rate all affect the breakeven duration. Financial advisers can assess an individual's financial situation and long-term goals to determine if homeownership is viable. They can guide clients in selecting the right mortgage options, navigating interest rates, down payments, and closing costs, and optimizing tax strategies. Real estate agents can also expand their services by offering investment advisory services, helping clients find the right properties and develop comprehensive investment strategies. The partnership between prospective homeowners, financial advisers, and real estate agents is crucial for achieving long-term financial stability and success in the real estate market [368f1ca4].
Entrepreneurs need to create a team of trusted advisors to navigate the road ahead. Over half of small and midsize business owners are feeling pessimistic or cautious about the outlook for the US economy. Experts recommend casting a wider net and seeking advice from professionals with diverse expertise. Key professionals to include in the team are a CPA, a financial planner, an attorney, and an expert to fill in your weak spots. Networking, using LinkedIn, and joining professional organizations are suggested ways to find the right advisors [364fcd3e].
When it comes to finding the right financial adviser, there are certain characteristics to look for. Kevin Kingston, in an article for The Pantagraph, outlines 10 key characteristics of great financial advisers. These characteristics include having a vision and a mission, a clear, defined process, and being great listeners. Great financial advisers also walk alongside their clients, are disciplined, and curious. They manage expectations, don't rest on their laurels, follow a code of ethics, and are lifelong learners. Finding the right adviser requires asking thoughtful questions and conducting due diligence [10bba63b].
By combining the expertise of financial advisers with the guidance of real estate professionals, individuals can make informed decisions in the housing market. Entrepreneurs can also benefit from building a team of trusted advisors with diverse expertise to navigate the challenges of the business landscape. With the right professionals by their side, individuals and entrepreneurs can achieve long-term financial stability and success.