The government shutdown has impacted people in all states and industries. In the housing market, the shutdown has caused serious issues when it comes to processing loans, verifying buyer information, and conducting transactions for housing purchases. The state of Virginia has specifically been hit hard because of its large number of federal workers and members of the military.
The Shutdown's Impact On Housing
Throughout the country, the government shutdown has caused some serious challenges for people that are looking to buy a new house. Loans that were going to be approved by the FHA or Federal Housing Administration are backed up because of the shutdown. Even private mortgage market companies that are not government entities were impacted by the shutdown because their pending loans could not be researched properly: the IRS was unavailable to verify the income of someone trying to purchase a house or get information about them by researching their social security number through the Social Security Administration.
Effects Felt By Virginia
Virginia in particular has seen drastic impacts on its economy and housing market because of the large impact the government has in the area. According to the Vienna, VA Patch, Virginia is one of the five states with the most federal workers per capita, the most federal contract money per capita, and the most veterans per capita. Without income from government contracts or benefits from the Veterans Administration, even those that are not directly employed by the federal government felt the sting of the shutdown. And while many government employees that were furloughed will get what they were owed during the time that the government was shut down, many contractors saw pending awards simply vanish because of the government shutdown. Without these valuable federal dollars it is difficult, if not impossible, for many in Virginia to purchase a home.
Although it is now over, the government shutdown had a ripple impact on markets in all areas of the country. In Virginia, the real estate market was hit because of the state's huge presence of federal workers and contractors. Buyers or sellers that are interested in navigating the post-shutdown housing market should get help from specialists like the ones at Old Dominion Realty.
Owning a home is a great accomplishment for any person or family, but it does come with some responsibility. Homeowners that want to ensure that they keep their house in top of the line condition for when they need to put their home on the market must take several home maintenance measures to get as much value as they can from their property.
Keeping a home in good condition requires some routine home maintenance procedures so that property does not deteriorate from situations that could have been prevented. For example, regularly cleaning the gutters of a home or changing the air filters on an air conditioner will prevent bigger problems from coming about with a residence. Lawn care is also important: shrubs should be trimmed regularly, and grass should be kept at an acceptable level.
Use Quality Materials
Try to always ensure that the materials used to repair your property are of the best quality. Use components that will last as long as possible and will be very durable so that potential buyers will face less ownership costs. These points can be highlighted when selling a home so that people that are on the market for a new place will understand the home maintenance benefits of the home they are considering.
If a home is lacking in its interior aesthetic, it will be more challenging to sell. Try to ensure that a home has cabinets, countertops, and flooring that is as up to date as possible. Investing in these areas of a home might seem unnecessary when getting ready to sell, but they can make the difference between a home selling or not selling.
Home maintenance should never be neglected, especially for those selling their residence. Keeping a home up to date, ensuring that it is repaired with quality components, and performing regular maintenance will contribute to a home's ability to be sold. For more information or assistance selling a house in Virginia or West Virginia, visit the professionals at Old Dominion Realty to leverage their expertise to help a home get sold.