At the recent Good Morning Winslow event organized by the Winslow Chamber of Commerce, Laurie Lashomb, associate broker at Ur Home Realty, captivated the audience with her expertise on the current real estate market in Winslow. The monthly networking meeting, known for bringing together local business leaders, focused this time on the promising yet nuanced landscape of real estate investment within the community.
Lashomb shared that 66% of Winslow homes are occupied by their owners, while the rest are rental properties. She noted, “Rental prices have gone up from an average of $850 in 2022 to over $1,300 in 2024, that’s a significant increase so it makes real estate investing a really great idea right now because you can pull rents that are much higher than your mortgage would be.”
Lashomb said that the vast majority of properties her company manages are owned by outside investors and she would like to see more locals investing in their community. The advantages of having more local landlords were also discussed.
Lashomb pointed out that local owners are more likely to maintain and improve their properties, benefiting the overall quality of neighborhoods in Winslow. This approach contrasts with the impact of absentee landlords and suggests a community-focused strategy for real estate development.
Addressing the broader challenges, the presentation acknowledged the housing supply shortage as a critical issue. This problem has led to increased rent prices and is a concern at local, state and national levels, indicating the complexity of the housing market and the need for concerted efforts to address affordability and availability. However, if investors were to take homes that are not able to be lived in and restored then flipped them that would be a possible short-term solution to relieve pressure on the market.
Julian Cheroske from Clarity Home Mortgage also spoke to the chamber about the process of getting and qualifying for a loan. He said, “With most of 401ks and IRAs you can actually get a loan off it.” And he furthered the idea by saying, “and from the lender side I love it too because it’s collateralized against your own money, we don’t even count that monthly payment against you so it doesn’t affect your borrowing power.” He explained that this could allow people to take out loans they otherwise would not be qualified for and also jeopardize their retirements if they could not pay their mortgage.
The Good Morning Winslow event continues to be a vital platform for discussing economic opportunities and challenges facing the Winslow community. By focusing on real estate investment, the latest meeting not only highlighted potential growth areas but also encouraged a collective approach to community development and prosperity.
