A Wenatchee Title Company and Community Foundation Initiative to Help with Home Ownership
The Wenatchee Valley is experiencing a housing crisis where home prices are out of reach for many buyers. The situation traps them in the rental market, preventing them from building equity in their home value.. They also remain in the rental market and reduce the supply of rental options.
Brian Fair, owner of Pioneer Title Company in Wenatchee is collaborating with the Community Foundation of North Central Washington to launch a fund to provide grants for down payment assistance to working families.
Fair says his research shows 65% of housing units in the U.S. are owner occupied but that figure is much lower in the Wenatchee Valley. In East Wenatchee, 58% of the homes are occupied by the owner. The percentage is only 52% in Wenatchee.
Studies also show, according to Fair. that a homeowner’s wealth will increase 40 times greater than that of someone that rents, over a 10-year period.
To make it more difficult on working families to attain home ownership, Fair claims 40% of entry level spec homes sold in the Wenatchee Valley are snapped up by investors, speculating in real estate.
"This trend must stop. Inflation has been no help to those wanting to enter the housing market. Our goal is to provide a meaningful pathway to home ownership and wealth creation for middle class families. This program allows residents to buy a quality home without risking financial strain from unexpected home repairs." --Brian Fair
The higher thresholds of the will support families by helping them purchase new homes or properties in better condition that are currently priced from $400,000 to $600,000 without risking the financial strain from unexpected home repairs. Other down payment assistance program have only supported the purchase of properties priced around $300,000.
To launch the program, Fair has committed Pioneer Title will donate $50 for every home sale in the Valley that his company handles and a matched $50 when other participants in the transaction make a donation, including buyers, sellers, lenders, or realtors.
Once the fund reaches a significant dollar amount, local housing and non-profit organizations working on affordable home ownership will be able to apply to the Community Foundation for down payment assistance grants. The program will ensure that the fund will directly benefit those in need in the Chelan/Douglas County area.
For more information about the Chelan Douglas Down Payment Assistance Fund, visit Pioneer Title Company or, contact Denise Sorom, Community Foundation of NCW, (509) 663-7716
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Gallery Credit: Rik Mikals