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| A Quarterly Publication of the Raleigh Regional Association of REALTORS® |
September 2008 Issue
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About Us March Dates to Remember
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A smart niche: Buyers
with disabilities Despite the fact that Americans with disabilities have $1 trillion in annual income and $200 billion in annual buying power, according to the U.S. Department of Labor, only 7 percent own a home. Acquiring the knowledge to serve this niche allows real estate professionals to both “do good and do good business,” David Layne of PCMS Consulting in Troy, Mich., told attendees at the recent National Association of REALTORS® 2008 Midyear Legislative Meetings and Trade Expo in Washington, D.C. Layne, who has more than 20 years experience working with special needs housing, told REALTORS® that the options for providing services to individuals and families with special needs range from locating homes that can be easily adapted for special needs to assisting local government and nonprofit housing groups in acquiring land and buildings to house special-need clients. A variety of federal, state and local programs almost make the economics of selling to those with disabilities a viable niche, Layne said. For example, the Federal Home Loan Banks offer those with disabilities $13,500 grants that can be used to cover down payments and closing costs. These grants are forgiven after five years. Also, Fannie Mae’s HomeChoice mortgage program provides pre-purchase counseling and flexible underwriting for qualified low- and moderate-income buyers with disabilities. Layne offered these marketing tips for REALTORS® who want to work with clients who have disabilities:
“Some seven out of 10 Americans are either disabled or know someone who is, so you already have people in your sphere of influence that could benefit from this knowledge and provide a new source of business for you,” concluded Layne. (Reprinted from REALTOR®
magazine online [http://www.realtor.org/realtormag],
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