BALTIMORE, April 1, 2021 /PRNewswire/ — Like with many industries, COVID-19 turned the housing market upside down. Paying rent and mortgages became a major stressor in the lives of many. According to research, housing payments were taking up nearly 50 percent of the average person’s income. Noticing changes in the economic status for many homeowners in the region, as well as changes in the housing market, one real estate entrepreneur sought to make a change. Spearheaded by Founder, CEO and Startup Business Guru James Fillyaw, Fillyaw, a housing and development company committed to bridging the homeownership gap, launches today.
“It’s time to make new residential living affordable for the average U.S. family or single parent household,” said James Fillyaw. “As the homebuilder, we are doing our part to break down barriers that currently exist within the homebuying process. Things like price, cost of add-ons, credit, access to transportation and down payment requirements, have stood in the way for prospective buyers for too long.”
The FHA allows borrowers to finance homes with down payments as low as 3.5 percent. In Baltimore alone, the average cost to put a down payment on a new home is nearly four times the national personal savings average in America. If a potential buyer were able to save 3.5 percent, they would still face high monthly private mortgage insurance fees; bringing their monthly house payments well above their financial capabilities.
When it comes to new residential offerings that put the best interest of the consumer, at any income level, the solutions are few and far between. There was a hole in the market, in the area of new equitable housing communities. Fillyaw looks to fill this hole by providing adequate, safe, and luxurious housing to consumers of all financial backgrounds.
“I started Fillyaw with a keen understanding of the current state of America’s social, political, and financial climate,” said James Fillyaw. “I’ve spent most of my career working to fight for equality for many different marginalized groups throughout the DMV area. With so many disparities, the Fillyaw Group looks to take a holistic approach to the homebuying process; removing barriers that will save potential homeowners money, peace of mind, and improve their quality of life.
After the loss of his mother during COVID-19, James was inspired to launch the business. From the company’s branding colors to their core values: love, humility, empathy, and diversity. Fillyaw was built on the love and life principles of his late mother, proving that even in her absence she continues to impact the lives of thousands.
“The American dream has always included home ownership, states Fillyaw. “As we re-imagine every single market, real estate stays the same. Fillyaw will create a new dream, one that will provide average income earners with the opportunity to own a new home. Consumers will no longer have to lower their quality of living or max their financial threshold to afford a home.”
Fillyaw is a transformational Real Estate Company created to address the historical inequalities of Buying & Leasing new residential properties. Through the construction of luxurious, compact residential communities, we aim to reshape the future of equitable residential living. Their services include: Homebuilding, Development, and Property Management. Breaking ground early next year, the company’s first project will be The Lovestone, a 12-acre development project positioned on the outskirts of Baltimore City. The Lovestone community will include: 16 Single-Family homes, residential pool, fitness center, dog park, and residential loaner vehicles. The future of new residential living is here. To learn more, visit Fillyaw.
Contact: James Fillyaw
SOURCE The Fillyaw Group