Publication Date: Wednesday, October 8,
Forget Prince Charming
Seminar encourages women to buy their own homes
by Elizabeth Wagner
boxes of Christmas decorations, sewing machines and rolls of fabric
in a multi-purpose room in Menlo Park's Little House, four eager
women with pens poised in their hands jot down notes as Carla Rayacich
speaks about women and households.
Carla Rayacich, president of Stanford Mortgage in Palo Alto,
teaches classes on 'Home Buying for Women.'
But she is not teaching a home economics class; instead, she
is teaching home buying.
Rayacich, president of Stanford Mortgage in Palo Alto, designed
Buying for Women" seminar for the Menlo Park Community Services Department,
which covered the basics of home buying, the financial nuts and bolts, and
the home-buying process, in three, two-hour sessions in July.
"I wanted them to find out if home buying would be beneficial to them both
in the quality of life and financially," Rayacich said. "And then
I wanted to give them the tools and courage to go do it if it was beneficial
The idea for the class came to Rayacich a year ago when she was hosting a professional
women's breakfast discussion group and her guests wanted her to give them advice
about buying homes.
Anne Dowd, a recent homebuyer in Mountain View, shares how she
managed to afford to buy her own home.
She was stunned by how little the women knew about the real-estate
market and how afraid they were to buy on their own.
"People need information and coaching to buy their first home. They can
kind of go into it blindly. Ideally they should be pre-informed," she said. "Women
buying homes for themselves have different ways of approaching the
market than a family and single man would."
As Rayacich passed around a talking stick -- a wooden rod with leather
strands and multi-colored beads dangling from it -- her students
disclosed various reasons
for taking the class. The intimate setting and small class size made
the home-buying process seem less intimidating.
"I want them to express all their fears so when they are done they can do
it," Rayacich said.
In the small-class setting, Carla Rayacich offers women the tools
for home buying, from evaluating their own financial positions
to finding loans.
Amy Koo, a recent Stanford Graduate School of Business graduate
and renter from Belmont, is planning to buy a townhouse or single-family
residence in a similar
"I'm a single female and I just didn't want to wait to buy a house (until)
after I'm married," she said.
"I want to be able to buy something for myself," said
San Mateo resident Anny Maran, whose husband does not want to get
involved with the
"I want to find out more about the process and the pitfalls to avoid," Jennifer
Cohen, physician, added.
One of the most prevalent pitfalls that women fall prey to is listening to their
internal fears that hinder them from buying homes on their own, according to
During the first class she outlined scenarios that commonly stop women from taking
the plunge to homeownership.
For example, women lack knowledge about the finance because they are not taught
about money from their mothers as sons do from their fathers, she said.
They also fear the risks and commitment involved with buying a home, which include
losing money in the fluctuating market.
"Real estate is the only relatively safe place to put your money," she
said and advises her clients to ride the dips of the market.
Many single women often wait to buy property until they are married, though Rayacich
boldly stated that Prince Charming may not ever come along.
Rayacich took a more practical approach in the second session, offering financial
tips about finding loans and making monthly payments. Maran learned creative
ways to get mortgages without being a millionaire, and Koo said the classes boosted
"I thought I had to wait longer to get a down payment. The class made me
more comfortable that I can do this. I don't have to starve myself," Koo
Rayacich's concrete examples of comparing different loans and rates calmed Cohen's
fears of stretching herself too thin in the finance department.
"It definitely made me more comfortable and it was more fun and less scary," Cohen
"I want you to have the serenity of knowing that what you are doing is the
right thing," Rayacich said with outstretched arms and closed
eyes in an imitation-yoga position. Her bright-red coat adorned
with big gold
power and an effortless self-confidence.
Owning property has always been important to Rayacich. At 18 she owned 3 percent
of a condo that her father bought, knowing that owning a piece of the property
was a good financial deal. When she sold the condo, it paid for her college tuition
At 22 she owned her first equity share on a condo in the Oakland-Berkeley region.
When she sold the place it paid for her MBA at Stanford.
"It was money I just wouldn't have had if I had been wasting it on rent," she
Anne Dowd is a testament to Rayacich's savvy home-buying and cheerleading skills.
Dowd was convinced that she could never afford to buy her own home because she
was not a typical buyer -- she was single, had little money saved, and made a
modest salary working in education.
After Dowd began working for Rayacich, the home-buying guru hounded Dowd about
taking the steps to buy her own property and outlined how feasible it was to
purchase a condo on her salary.
"It all seemed so out of reach until she put the numbers in front of me," Dowd
told the class. "It was pretty powerful."
Now Dowd is living in a place that is much nicer than the apartment she was renting.
She is making money on her own property every day and can do whatever she wants
with the condo -- even paint her walls pink, she joked.
Women can afford housing in Silicon Valley, but "the fear is just stronger
here because there are such high prices," Rayacich said. In
fact, buyers are at an advantage in Silicon Valley because the
go up and stay
up. She uses these statistics to calm and support women.
The women in the class agree that the seminar provided them with a helpful road
Koo believed the class gave her a head start in the real-estate market because
she would have wasted time researching on her own. Maran learned to be less afraid
and take more risks when tackling real estate independently.
"Good things don't always come from depending on other people," she
said, referring to women's husbands. "Women have to get involved
for their own financial future."
Cohen found the class empowering. "It gives us the tools to
go out there and do it."
Though Maran wished she had been financially counseled 25 years
Rayacich believes there is no turning back. "All that
exists is the present. I say go girl."
Rayacich is planning to offer classes again in winter and spring
quarters in Menlo Park, as well as in Los Altos in the spring.
(She can be reached at Carla@stanfordmortgage.com
for updated course information.)
She is also kicking around the idea of setting up a home-buying
fair where women can talk to Realtors, tax accountants and handymen
the buying process.