Recently, the online real estate platform, Zillow, has announced to relax limitations for buyers. The company is set to release new tools to help home buyers with down payments. The real estate company has formed a partnership with Down Payment Resource.
The recent partnership will enable it to provide buyers assistance programs. These programs will provide information regarding the maximum amount a buyer can receive and more.
Zillow Announces to Partner With Down Payment Resource (DPR)
In a recent interview, the Down Payment Resource CEO and Founder, Obi Crane, explained how this new partnership is helping hundreds of people in buying a home. He further illustrated how partnering with Zillow is a great opportunity to guide individuals to better opportunities.
It will help individuals turn their vision into a reality sooner than later. Additionally, he also explained how he and his team have worked for years to make affordable homeownership resources feasible among citizens.
Yes, as costs rise, people need assistance and aid. And so, the partnership of Zillow and Down Payment Resource could be an advantage to buyers.
The real estate company explains how skyrocketing home prices have given nothing but stress to people. Even though potential buyers are looking for a secure future, they still don’t invest because of the high prices.
What the Experts Say
However, some experts have insisted that the home prices will not rise radically but will go higher shortly. To mentally prepare everyone, home prices will see inflation in the coming year. Housing prices have boomed in many markets across the nation. They are likely to stay a certain level unless an event like 2008 were to occur.
How COVID 19 Pandemic Has Caused Inflation in House Prices
Ever since the outbreak of the COVID 19 pandemic, work from home culture has had an unexpected desire for new housing. It led to housing prices going up. Of course, this is not the only reason why it went up. The government did step in and provide a significant amount of stimulus in a wide variety of ways.
The stimulus mixed with work from home and other factors, such as reduction in interest rates, helped to spur the recent real estate boom and rise in prices. This can be great for sellers and maybe not so much for buyers.
As such, Zillow, the real estate company, noted on Thursday, about the potential down payment assistance programs.
Potential buyers will have an opportunity to run through the DPR database, which reaches a list of programs. Zillow’s director of social impact, Grace Chung, explained in a recent interview how the company is striving to help everyone become a homeowner without having to deal with any hurdles.
Jeremy Wacksman, Zillow chief operating officer, said how the economy is seeing inflation in housing. The real estate market is getting competitive day by day, and it is even worse in the renovation, construction, and closing. With down payment assistance programs, buyers can become a homeowner feasibly. It will give them a space to build generational assets and economic opportunities.