Increasingly, people are starting to emerge from their funk over the real estate market. After enduring the slow drumbeat of grim financial news for many months, potential homebuyers are beginning to realize that this is a good time to purchase a home, especially if it’s their first.
The fundamentals are in place. Interest rates are remarkably low, home prices have returned to reasonable levels and there’s a new, $8,000 first-time homebuyer tax credit just waiting to be claimed.
In order to help spread the news MassHousing has joined with the mortgage lending industry, Realtors and homebuyer counselors to create a unique opportunity for potential buyers to educate themselves and to see homes that are for sale in their price range.
For the second year in a row, MassHousing has partnered with the Massachusetts Association of Realtors to sponsor 10 regional “Opportunity Knocks” homebuyer fairs on May 2 and May 9.
Lending additional support are the Department of Housing and Community Development, the Mass. Housing Partnership, the Office of Consumer Affairs, the Federal Reserve Bank of Boston, the Mass. Bankers Association the Mass. Credit Union League and the Mass. Mortgage Banker’s Association.
Fairs will be held in 10 of the biggest malls in every region of Massachusetts. On May 2, the fairs will be held at the Auburn Mall (Auburn), Berkshire Mall (Lanesborough), Cape Cod Mall (Barnstable), Dartmouth Mall (Dartmouth) and North Shore Mall (Peabody).
On May 9 the action shifts to the Holyoke Mall, Silver City Mall (Taunton), Solomon Pond Mall (Marlborough), Square One Mall (Saugus) and Westgate Mall (Brockton).
Prospective homebuyers can learn from reputable lenders about affordable loan programs and the home buying process. They can meet Realtors, view active listings and go straight from the fairs to open houses that are reasonably priced within the limits of affordable housing programs from MassHousing and the Mass. Housing Partnership. House hunters will be able to search a dedicated open-house database on www.masshomefair.com courtesy of the Multiple Listing Service.
This is a great time for consumers to see first-hand how the real estate and mortgage lending industries have changed for the better. Participating lenders are being encouraged to promote no-nonsense, 30-year fixed rate loans, and all lenders exhibiting at the fairs offer either the MassHousing or SoftSecond loan products, known for their responsible underwriting.
In addition to the new first time homebuyer tax credit, consumers can learn about government programs like the Neighborhood Stabilization Program that offers grants and low-cost financing for people who buy foreclosed homes, as well as refinancing products like the MyCommunity Mortgage and President Obama’s Making Home Affordable program.
Spring is a time of renewal. Here in New England, it always seems to take forever, but come early May, the warm weather at long last arrives and the barren landscape begins to come alive again.
It’s a great analogy for the real estate market in Massachusetts. Things have been bleak for some time, but when you look closely, good things are beginning to emerge. MassHousing is delighted to help remind people of the benefits of buying a home, and we’re pleased that so many in the industry are joining us.
Even if you are not participating in the Opportunity Knocks home buying fairs, you can help remind people that the dark days of subprime lending are behind us, that the industry has a new, fresh outlook and plenty of good homes to sell at reasonable prices with responsible loans.
It’s a new day for affordable home ownership in Massachusetts.
Tom Gleason is executive director of MassHousing, the state’s affordable housing bank.
