BUYERS BOO-HOO THE CALIFORNIA DREAM FOR ALL HAS A STALL! Imagine the state of California Housing Finance Agency (CalHFA), offering the most generous down payment program yet, a 20% down, equity share, and yes they did. However, that dream was short-lived because of its popularity, and after only 7 days, just 1-week on the market, the funds are done. That said, it shows the high demand for people wanting to own, instead of being renters and moan. And for the lucky few that had contracts in escrow and interest rates locked and funds reserved, there are those with broken hearts, because the California Dream For All had limited funds that ran out as they started!
Some squawk at an equity share, it’s not a new concept, and in the past investors used it to buy investment properties. However, with today’s high-priced, high-interest rate market conditions, it’s still a a hand for consumers inured with renting. They gladly share equity ownership by owning with funds provided by the State, rather that continue the instability and sharing their hard earned money in paying rent to landlords where there is no equity position to be had, just had.
As a Real Estate Broker that has missioned my business helping first time homebuyers, it is my sincere hope than more funds can be allocated for in the near future. For owning alleviates rent moaning, and I applaud CalHFA for such a program! If the state as a governing body wants to help with the housing crisis, then programs such as this will help the working person to be competitive with corporations buying up a good share of the single-family market. It’s not just a leg up, it’s two legs up to help the working person stand on two legs with dignity and stability!
By Mary Ann Cadorna © March 14, 2023 for Sincerity Realty ALL RIGHTS RESERVED
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