New Website Fights to Preserve Homeownership Opportunities For All of Us

New Website Fights to Preserve Homeownership Opportunities For All of Us

LONG VALLEY, N.J. – Whether you own a home, or you’re a renter who would like to be a homeowner someday, a series of legal proposals and events are threatening long-held ideas about home ownership. Holmquist Team members have been urging people to visit a new website that talks about those challenges and gives people an opportunity to be heard on the topic.

The site, http://www.protecthomeownership.com, was created by the National Association of Homebuilders. It explores the mortgage-interest deduction, affordable housing issues, foreclosures and the threats to the many jobs created by the housing industry. And it’s information every homeowner or perspective homeowner should be aware of, whether you’re selling a home or not.

You might think it’s a little self-serving for a Realtor to be promoting a site supporting homeownership, but there is a lot more at stake here than a few listings.

Home ownership has always been a goal of many Americans. While a house is usually a good investment, that’s not the primary purpose of owning a home. It’s a safe place to relax, raise a family, escape from work and live life one’s own way.  It creates wealth and promotes financial security for individuals and also builds stable communities where people feel a strong stake in what happens.

Equally important, new home construction and the resale of existing homes create jobs for millions and generate revenues for businesses and government. Think about it: Ever know anyone who bought a home and didn’t spend a lot of money on redecorating and refurnishing? That money stays in our communities!

For reasons that are beyond me, government officials are considering a lot of policies that will harm homeowners, home buyers, homebuilders and the millions of people connected to the industry. For example:

·       Debate continues about cutting or eliminating the mortgage-interest deduction from your income taxes.

·       With few regulations governing appraisals, it is difficult sometimes to get a fair appraisal without having foreclosed or distressed properties included and pulling down the price of a home.

·       Six federal agencies have proposed a mortgage standard that would make 20 percent down payments the “new normal.”

·       Surprisingly, there is a lack of inventory in many types of homes, and places where the demand for new homes is rising. Banks, however, are doing to builders what they’ve done to homeowners: They’ve cut them off from credit for land acquisition and construction. The housing market – and all the jobs it creates -- can’t make a comeback without credit for builders. Legislation addressing the issue has been introduced.

As Realtors, we talk every day with people who want to buy and sell homes and people who are pursuing their dream of homeownership for the first time. For many, owning a home is milestone that means they’ve become part of a community and achieved the American dream. For others, it’s a financial and social shelter that provides them with security. For all, homeownership is one of the rewards of working hard and being successful.

People in Washington seem to have forgotten about those feelings. Homeowners and those who want to become homeowners need to understand that there are threats out there, and must take some action against those threats. At the same time, they need to support legislation and regulations that support homeownership.

The NAHB’s website, www.protecthomeownership.com, is a good way to start learning about the federal issues and how to get involved. There are state issues, also, that impact you as a homeowner or homebuyer. And if you have questions about any of these issues, or want  help buying or selling a home, call us at (908) 867-7109 or a http://theholmquistteam.net.