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In some U.S. markets, it's better to own than rent

(The Atlanta Post) Should you buy or should you rent? It’s a question most people ask themselves at some point in their lives.  Although most people think renting is a waste of money, it really depends on which city you live in. The real estate site Trulia recently released a report on 50 major cities, assessing which ones made more sense for renters and which ones made the most sense for buyers. Although 36 cities fell on the buy side of the equation, 10 were determined as being cheaper to rent.

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The Real Housewives of D.C.'s Stacie Scott Turner loves everything about real estate, from renovating to sales to marketing.

Stacie Scott Turner has gained fame being featured on Bravo TV’s The Real Housewives of D.C. But she’s more than just a reality TV star and Washington socialite. The Alexandria, Virginia native and Harvard MBA has a successful real estate practice with Long & Foster, after working for luxury real estate company Sothesby’s International Realty.

BlackEnterprise.com talked with Turner on her newfound fame, how her practice has succeeded despite the economy, and her passion for a foundation that gives foster children opportunities of a lifetime.

You’ve gained prominence as one of the Real Housewives of D.C. How has this affected your life and career?

My [real estate] team has begun to receive calls from a lot of people who are moving to D.C. after watching the show. Viewers got a flavor for the city. They all of a sudden knew my name. Overall, it’s been pretty positive.

What’s [also] so cool about doing the show—and what was part of my motivation to participate—was it brought attention to my charity, Extra-Ordinary Life. It brought awareness to adoption and foster care issues … I take great pride and passion in being able to work with foster care youth. I try to provide experiences to those living in group homes and foster homes to inspire them to dream and overcome their circumstances.

You’re now working with Long & Foster after being an agent with Sotheby’s. What was the transition like from selling luxury homes to working with the new company?
I began my career in Long & Foster in 2001 and had a wonderful experience. I later decided to go to a small firm to learn the higher-end market and moved on to Sotheby’s. I learned what I needed, and now I’m back with Long & Foster.

It’s the middle range market that’s robust at this time. [At Long & Foster] it’s a large network of agents, and I wanted to form a great team.

How did you approach the challenge of selling homes in the current economic climate?
I continued advertising–even when the economy was tight– to promote myself and my clients’ homes. That allows my business to keep thriving. With others cutting back, people saw more of what my business could offer. There were less people to compete against.

What excites you about real estate?
I went from a corporate career to real estate when the D.C. market exploded. I got my real estate license and purchased my own home and got involved the renovations — just all aspects of it. I love selling, developing it, designing– I love it all!

Turner’s Tips for Industry Success:

• Focus on establishing your business so it looks like you are experienced. Have a great Website and invest money in advertising and showcasing your skills in a specific area.

• Team up with agents who have properties and or clients so you can get experience doing transactions.

• Invest in marketing a specific area to gain exposure, such as your immediate neighborhood. It’s always good to establish yourself as an expert in a certain residential area, where you know the home values and benefits of living in that area.

Enealia S. Nau, attorney at law; Kingsley Duah, vice president of sales/core property; and architect Patrick Barns, all of NauCorp. Properties, Inc.  helped us to further understand these three critical roles at this week’s home buying seminar sponsored by the Bedford Central Community Development Corp.

The attorney will deal with the real estate broker, handle the contract of sale, search and ensure the title, review the survey and your tax consequences, conduct the closing, and deal with the property condition and disclosure explains Nau. But, before choosing an attorney you should ask him/her these questions:

How long have you been in practice?
How many closings do you do a year?
Do you have any complaints against you?
Exactly what service and communication can I expect?
What paperwork is involved?
What is the process from start to finish?
How long will it take?
What happens if the seller cancels or if I change my mind?
How should I pick a real estate agent to work with you?
What are my expenses? What is your fee and how do I pay you?

“You want to make sure you find someone who is truly working for your best interests,” says Nau.

The real estate agent/broker is also a big part of the equation. “You should only contact a realtor when you’re ready to buy,” says Duah.  This is because realtors work on commission. They generally get paid 1% of the home purchase price once you close on the property. So if you don’t buy, they don’t get paid.

The role of the agent is to show you available houses in your price range that meet your needs. It is important to ask who the broker is representing. He/she may represent you, the seller, or both. This is important when negotiating the purchase price. If you make an offer, the broker will present your offer to the seller.

Lastly, the home inspector is responsible for surveying the property from basement to attic explains Barnes. The inspection includes an evaluation of the homes plumbing, electrical work, appliances, roof, and structural stability. This could save you a lot of money and prevent future maintenance. Making yourself aware of any flaws may help you negotiate a better price from the seller. I found the American Society of Home Inspectors Virtual Tour to be extremely helpful in understanding the inspection process.  Check it out, it’s well worth it.

Next week we’ll learn about the various grants available for home purchase, including the first-time homebuyer tax credit which has been extended to June. Also, follow me at www.twitter.com/LaToyaReports with daily tips for homebuyers.

Other posts in The Homebuyers Toolkit series:

Getting Started

Qualifying For A Mortgage

Let’s Talk Money

Money Attitudes and Budgeting

Building Financial Security

How Your Credit Score Adds Up

Renting vs. Buying

LaToya M. Smith is an editorial assistant at Black Enterprise