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There has been a lot of discussion up on Capitol Hill
regarding down payments for mortgages. The feds with the support of lenders are
contemplating the idea of regulating the down payment to residential purchase
loans in response to the mortgage crisis. The new regulation would require all
residential buyers to put down a minimum of 20% on all residential purchase
loans.
I don't see this as a good idea for the economy and the real
estate market. In Waltham,
it isn't out of the norm to have a home buyer put down as little as 3% on a
home purchase loan, even in this market. Its how the middle class people are
buying homes. The qualification process is much tighter now, and lenders and
banks are taking great care to make sure today's buyers can actually afford the
home.
Taking away the ability for buyers to put down less than 20%
will only crush this very fragile market. I believe it will destroy home values
and take away jobs. The middle class are the primary borrowers who seek loans
with minimal down payments. Taking away these types of loans will take away the
basic American dream for many people. Buying
a home today is already difficult. For the most part, it requires dual incomes,
good credit and solid employment history. With the cost of living constantly on
the rise, saving money is a challenge.
The math is simple, for a $350,000 purchase, (This is less
than the average sale price in Waltham)
a 20% deposit would be $70,000! I read it would take the average American
family over 15 yeas to save up a 20% down payment to purchase a home.
It's my opinion that there are no winners with this sort of regulation
and I don't think it protects anyone. Home values would plummet, affecting
everything including real estate tax, which are the revenues for local towns and
city's. Home ownership shouldn't be this hard to obtain.
Tags:
Waltham , Down payment , real Estate loans.
Comments: 0
In the past few weeks, I have seen lots of properties come
onto the market here in Waltham,
MA with less of those homes being
purchased. In a healthy market, I like to see a, one to one ratio of new
listings to home that go under agreement on a weekly basis. The current market
in Waltham is following
a ratio of three new listings, to one property going under agreement.
So why is the market slow? I believe there are a number of
reasons which are all contributing to the slowdown. One, is the total number of
buyers out looking for a home. It’s more difficult to qualify for a home loan
than in the past. The banks and mortgage lenders are being very selective and
stringent in the pre-approval process. This will limit the number of buyers in
the buying pool. Also buyers are increasing there search area and looking in multiple
communities. In the past, a buyer may have had two communities they
concentrated on in their search area. Today, it's not unusual for a buyer to
have three or even four other communities, thinning the flock of buyer even
further. Lastly, until inventory decreases we'll have a slowing of the market.
It takes buyers a lot more time to view all the homes in their price range and
as more homes come on the market, buyers are reluctant to "pull the trigger"
because, the buyer feels a better home could be just around the proverbial corner and are waiting to
see if it will come on the market. Lastly, buyers are also waiting for prices
to drop even more.
Home pricing can compound the issue because while new
listing are coming on the market, sellers have a tendency to price their homes a
little hirer than the current market will bare. I'm not saying the homes are
being over priced but, sellers are pushing the limits at the beginning of the
listing period. If a seller chooses to over price their home in the beginning,
then as the listing sits, small price adjustment are necessary before a home
may attract a buyer. The first price reductions on a property may be considered
and assessed in the second to third week in the listing period, again adding to
the slowing market place.
I believe the market place is poised to get stronger. As
employment is on the rise and more people feel more secure in the jobs. For
additional information regarding the current market refer to my housing reports
for Single Family, Condominiums and Multi-Family properties.
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