“Vision Real Estate Investment Group, together with Hello Property Management and The PadMatch Group (Real Estate team in Coldwell Banker Realty – Brookline) are offering one winner the chance to overcome all the obstacles... and become a homeowner!”
Why are we giving away a condo?
The Dream of Home Ownership is further away for many Massachusetts residents than ever before.
In the second quarter of 2024, the homeownership rate was 65.6%, which is the same as the first quarter. This is the lowest rate in the last two years.
The general overall cost of living has increased thanks to inflation and many other factor.
According to data from the Bureau of Labor Statistics, the cost of living in the United States has steadily increased over the last decade.
Many Massachusetts residents find themselves unable to save the deposits needed to make the down payment required.
The homeownership rate for those under 35 is 37.4%, which is the lowest it has been in four years.
Prices of homes have soared. Interest rates have gone up from their all-time low a few years ago.
Affordability for first-time home buyers is declining due to high mortgage interest rates and a tight housing supply.
The United States is experiencing a housing shortage.
The shortage is due to a number of factors, including: The housing market crash of the Great Recession, a drop in new home construction after the Great Recession, Inflation, elevated interest rates.
Others do not have the credit scores required for a mortgage due to high debit from college, even if they have the down payment funds
Your credit score directly influences the interest rate on your mortgage.
Essay entries will be accepted starting Jan 1st 2025 until June 30th 2025. The winner will be announced in mid-July, 2025.
The Sponsors will select 25 finalists from all entries received. Those 25 finalists will then be given to 3 anonymous judges to decide the winner. The judges will be chosen from local non-profit housing organizations, local housing authorities and local charities.
