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How Government Shutdown Affects Housing Markets

By: Rachel Yonkunas Email
By: Rachel Yonkunas Email

Loans from the United States Department of Agriculture are ideal for home buyers. They offer 100 percent financing for people who cannot make down payments, and cover closing costs. However, because of the government shutdown, no one will see that help.

“Any loans that are in process, any closings that are coming up are just kind of on hold,” explained Charles Buntin with Tom West Company Realty.

If buyers wait longer for mortgage approval, they may miss closing deadlines to another bid. Also, prospective buyers will not even make the waiting list. The USDA is not accepting new applications and the Wiregrass may see fewer “sold” signs.

“With real estate, it affects so many people. Home inspectors, local lenders, buyers, sellers, realtors. So with this USDA slow down, it is really going to affect a lot of people,” said Buntin.

Only two days into the shutdown, realtors said it is too early to see a dent in the housing market. The Wiregrass is trucking up a steep slope, however, to a steady business.

“We sold 10.56 percent more houses than we sold last year. Based on what we see right now, there is no worry. Who knows what the future holds though,” said Bobby Dean with Prudential Showcase Properties.

For now, they remain positive and continue the waiting game.

Buntin said, “We're just hoping that this government shutdown is very, very temporary.”


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