Justice and Homebuying
After being in the market for a home for more than two years now (Sarah and I started looking in 2008), I feel like my eyes have been opened to a new world which even most homeowners have not seen - the world of urban real estate - and it kind of makes me sick.
I'm a big picture thinker, and so to me, I see several parallel realities: 1) Poor, hardworking people trying to make ends meet in an expensive city; 2) Homeownership being one major way for people to improve their financial situation and neighborhood, 3) Already high rents rising even more due to foreclosures, 4) Investors buying up most of the low-cost homes in decent condition that low-income homebuyers would actually be able to afford and improve, 5) Those same investors reselling houses at a price out of reach for people in our neighborhood, and 6) Still more investors who buy these renovated homes to make rental income off of poor, hardworking people.
The sad thing to me is that first-time homebuyers are looking for the exact same homes as these investors - low-cost homes that don't need a lot of work - but they are at a severe disadvantage because many (maybe most) investors can pay cash. And what homeowner or bank would prefer to wait three months when they can just have a check for the full amount right up front. This scenario played out for me and Sarah more than once (I believe in 3 of our 6 offers). In one case, we had a verbal acceptance from a bank, but in the week it took them to draw up the paperwork, a cash offer for less came in and they took it instead. How many times does this happen to homebuyers just like us?
I guess I want to just share this perspective because I'm not sure if most people are aware of the way the system literally shuts people out and pushes people down (oppresses?). And as I've wrestled with what it means to really care for the poor and oppressed, I want to invite you to help me understand how to respond to what I believe is an injustice. Most of the time, it seems that without money, I have no power to change anything, but I know that's not how our Kingdom works. So feel free to share your thoughts - I welcome them.
