Shutdown Hits Home In Housing Market
The government shutdown stemming from a spending impasse in Washington, D.C., is hitting home, according to locals in the housing market.
Fort Smith local Cindy Stokes said she’s only shown her home about two times since she put it on the market.
“It’s been a little slow,” said Stokes. “We have not seen as many people coming to see the house or make appointments to see the house as we would have hoped.”
Real estate broker, David Yarbrough, said the low numbers homeowners such as Stokes are facing may be because of the federal government shutdown.
“Right now with the government shutdown, a lot of people don’t realize how much government involvement is in that,” said Yarbrough. “Well over half the loans done in the Western Arkansas and Northwest Arkansas areas have government involvement through the Department of Housing and Urban Development.”
With no government comes no government loans, making it difficult for those looking to buy or sell.
Stokes bought her home back in 1999. She said the sale of her home depends on whether or not she can buy a new home.
Stokes said with the government shutdown uncertain future raises concern.
“I’m just like everybody else, hoping that the government shutdown won’t last long and that we can all get back to our regular lives,” said Stokes.
Although the shutdown has caused Stokes headaches, she still remains determined to sell.
“It’s just that American dream to have what you need, what you want and to have your own house,” said Stokes.
Yarbrough also said rental property owners may soon be impacted from the shutdown if they are funded through a federal government agency.