Is the shutdown literally hitting home? The actual effects on the housing market
Bottom Line: They’re been a number of stories about how the partial government shutdown is affecting the housing market. What’s true and what’s hype? I’ll cut straight to the chase with a couple of numbers that matter most. First up...
78%
What’s that? The percentage of home transactions unimpacted by the partial government shutdown according to the latest from the National Association of Realtors. So, the odds are whether you’re looking to buy or sell you won’t have an issue. But which types of transactions are being impacted?
If you are buying or selling and someone and a FHA, VA or USDA loan is involved expect a delay the process. Those departments are still operational and financing but with much smaller staffs and the process is taking longer than usual. If a quick close is needed you might look to another loan option if possible. The hype is probably bigger than the reality but delays in closing are anything but fun so be prepared and be informed going in.