As a realtor, you want what is best for your client- a home that fits their needs, budget, and family. First Homes may be a good option for your client if they are struggling to find a market-rate home in their price range. Learn more about our program to better support your clients. If you have more questions or would like more resources for realtors, please contact First Homes at afton@rochesterarea.org.
If you’re client is purchasing a First Homes property, they will have to complete a few additional tasks. If any of these tasks are not completed, it may result in a delayed closing. Here’s what you and your client need to know:
A Community Land Trust (CLT) is a well-established model built around shared equity to create and preserve affordable homeownership. This allows for a cycle of affordability, meaning one home can stay affordable in perpetuity.
First Homes subsidizes a CLT home to sell it to an income-qualified buyer at a more affordable price. When the owner sells the CLT home, the appraised equity is split 50/50 with half going to the seller and the other half staying within the home. This continued investment re-subsidizes the home and keeps it affordable for the next buyer.
First Homes purchases homes on the open market, through private sales, and property listing services to add to the CLT. We buy a variety of homes including single-family detached and townhomes, and have the resources to renovate them when necessary. We also build new construction homes using high-quality builders.
First Homes sells a variety of home types, including single-family detached, new construction, renovated homes, townhomes, twin homes, and more. We also facilitate the resales of homes which are in our program.
Yes! When your client purchases a CLT home, they own it, build equity, and are responsible for maintenance, taxes, and other traditional homeowner duties.
Yes. When you represent your client purchasing a CLT home, you still earn commission based on their purchase.
No. The Director of Community Land Trust does not earn commission for CLT home sales; instead they are a salaried employee of First Homes. Any commission earned goes to the First Homes organization to support its operations.
First Homes is not right for everyone. However, if your client is struggling to afford a market-rate home and is income-qualified, First Homes can be a path to homeownership. Realtors should work with their clients to help them determine the best choice for them.
