What A Biden Presidency Could Mean For First-Time Homebuyers
Regardless of who’s in the White House, observers from across the housing and mortgage industries believe interest rates will continue to hover near historic lows. But a $15k tax credit for first-time buyers could make a difference in the number of people able to pursue home ownership.
The presidential election polarized the nation in the months leading up to it and in the days that have followed. As ballots across the country continue to be counted, it would seem that Joe Biden has engineered a decisive victory while, for his part, Donald Trump refuses to concede.
The election has been playing out against the chaotic backdrop of the pandemic, a struggling economy, extreme partisanship and simmering racial and immigration issues. Almost lost in the spectacle has been the future of the white-hot housing market. Historic housing shortages and record-low mortgage rates have pushed home prices to new heights, and they’re expected to continue climbing. While this rate of appreciation is great news for homeowners and those who are financially established, it may not be such great news for young people looking to buy starter homes and other first-time buyers.
A major initiative on Joe Biden’s ambitious agenda is helping more people buy homes, and he’s put forth a $640 billion housing plan to make that happen. As part of this plan, first-time home buyers would get a down payment tax credit of up to $15k to use at the time of purchase. As home prices have soared in recent years, this could be a big help to cash-strapped buyers.
Do you know someone thinking about making the leap to home ownership? I can help them with their all-important “preparing to buy” checklist so they’ll be ready to take action as soon as the time comes!
Christy Rosen Clement is a Pricing Strategy Advisor®, Seller Representative Specialist®, Military Relocation Professional® and REALTOR® at Palermo Real Estate Professionals in South Tampa
