How does a real estate agent help with affordable housing ?

With a stable government and a vision for development, India will grow at an exceptional 6.7% growth rate. The macro challenges that were the hurdles in the real estate and home businesses are being addressed, and hence the development of affordable housing and infrastructure is visible. The Indian government has certain plans to uplift real estate in India.

The signboards of houses for sale and homes for sale are not usually seen because property owners know their real worth. Hence, they want to wait for the right moment to get the best offers for their houses. 

Building or buying a dream home is always a priority for people. Real estate experts are present in the market if someone is looking for low-income apartments or houses for sale. Affordable housing is a need for low-income people, and this is done through reforms in infrastructure development. Farm land for sale is one of the more prominent options for people with financial stability. The advantages of these lands vary, from cultivation to building farm houses to escape city life. 

There are many real estate agents in the USA that are committed to helping first-time home buyers through various fruitful programs and options, such as Section 8 housing and HUD homes for sale. HUD home sales are managed by the U.S. Department of Housing and Urban Development.

Government Initiatives

The Indian government has implemented various housing schemes for people. In India, the Housing for All scheme includes Pradhan Mantri Awas Yojana-Urban (PMAY-U) and Pradhan Mantri Awaas Yojana-Gramin. The aim of these schemes is to provide safe homes with basic amenities for people. 

Demand for Affordable Houses

There is substantial growth in demand for affordable housing in India. A projection of 7.4 million units is needed by 2024–2025. But there is a catch: the lack of availability of urban lands and the long process of loan approval are creating some hindrance. 

The Future of Real Estate in India

The Indian real estate market is poised for exponential growth and can reach $0.33 trillion by 2024. With a CAGR of 25.60%, the real estate total market can touch $1.04 trillion by the end of 2029. The growth is driven by various segments like rental homes, commercial real estate, mansions, farm land, apartments, bunglows, villas, etc. Furthermore, Indian real estate offers lucrative investment opportunities for FDI. The private equity investment reached US $4.2 billion in 2023. Better policy support, transparency, and high returns are driving investors to put their money in the Indian market.

Types of properties in India’s real estate market

There are various types of properties that cater to the needs of individuals. Housing authorities are developing various townships across the country. Below is a list of different types of properties. 

Commercial real estate 

These types of properties cater to the needs of various industries and businesses. Office spaces, restaurants, retail shops, industrial spaces, and warehouses. 

Residential properties

Real estate agents and housing authorities deal with residential properties such as family houses, villas, flats, apartments, condos, and townhouses. 

The demand for these types of properties depends on various parameters, like economic trends, locations, lifestyle preferences, investors, and buyers. The success of real estate depends on its demography, labor participation, government policy, investment in the private sector, raw material production, and weather. Geopolitics can also act as a catalyst. 

Some insights related to real estate in the US, UK, and Canada

Various research and studies given by Forbes and PwC show real estate industry growth and its overall image. 

USA (United States of America)

1. There will be a 2.9% rise in national house prices in 2024- Comerica
2. There are very few chances of a market crash because of low supply in 2024.
3. If the rates keep decreasing, there are better chances for buyers, no matter what the hike in mortgage rates is.
4. Investors are now shifting their investment towards hybrid work models because they save on expenses and reduce maintenance costs to a great extent. Housing connects various societies together. 

UK (United Kingdom)

1. The recent decline in house prices has opened the gate for better entry points for the acquisition of real estate—Emerging Trends Barometer for 2024.
2. Investors are wary because they believe that the Fed’s higher-for-longer policy on interest rates will impede economic growth.

Canada

1. Being the biggest buyers of US real estate, Canadians are expected to pump $200 billion in the years 2024–2025.
2. The Canadian housing market is hot  since demand for single-family homes has gone up. Furthermore, the availability of free land is a big concern, but it has attracted institutional investors to invest in existing properties. 

Factors affecting the prices of real estate properties

Following are the crucial parameters that control the overall real estate industry in many ways:

1. Proptech revolution
2. House price growth
3. Mortgage rates
4. Market resurgence
5. Economic outlook
6. Inventory levels
7. Buyers market
8. Demographic shifts
9. Remote work trends
10. Artificial intelligence expansion
11. Population growth
12. Government interventions and policies

What is Section 8 (Housing)?

Section 8 refers to housing assistance programs in the United States. The other name of this assistance program is also called the Housing Choice Voucher Program. The main objective of this program is to provide decent, safe, and sanitary houses at affordable prices for low-income people living in the United States.

The housing authority, the U.S. Department of Housing and Urban Development (HUD), manages the Section 8 program and approves the payment of rental housing assistance to respective private landlords. Inaddition, the program covers both options: project-based rental assistance and tenant-based assistance.

The location and size of the unit affect the amount offered through the Section 8 vouchers. Usually, voucher holders have a fixed time to relocate to an acceptable house that meets HUD criteria before their vouchers can be revoked. Now we will tell you more about Section 8.

Section 8 Housing eligibility and criteria

Income

 The total household income must be below the 50% mark of the local median income. Furthermore, Income restrictions may vary depending on family size, house units, region, and other variables such as income categories (extremely low, very low, and low income).

Status of the family

The household must meet the HUD definition of a “family.”. How many people are there in the family? What is the age of the family member? Are they earning or not? Are they disabled or not?

Citizenship and criminal records

The applicant should have eligible immigrant status, or he should be a US citizen. Therefore, the documents that are usually required during the application process are a social security number, a US passport, and a green card. No criminal records exist for drug-related crimes. 

Other requirements

Housing authorities may also consider important factors such as credit score, rental history, employment status, and character. 

It typically takes 2-3 weeks to get your Section 8 application approved. Moreover, you can explore listings of various farmlands, commercial property for sale, houses for sale, and homes for sale on various property market places. Zillow is the leading property market place that provides Zillow premier agents who can assist buyers in making the best choices.  People who do not have much money can also go for low-income apartments. 

FAQs (Frequently Asked Questions)

1. Are there beach houses for sale in Canada?

Yes, Canada has several beach houses that are available at affordable prices.

2. Can an immigrant or foreigner buy a house in Canada?

Non-Canadians can only purchase residential properties outside (CMA) Census Metropolitan Areas and (CA) Census Agglomerations.

3. What are the departments of real estate in the US and India?

In the USA, two of the main agencies are the California Department of Real Estate (DRE) and the New York Department of State. In India, the Real Estate Regulatory Authority (RERA) is a prominent department of real estate.