HOW WILL BIDEN POLICIES CHANGE REAL ESTATE

The new Biden administration can have a profound effect on the real estate market in 2021. Expect interest rates to stay at record lows to help maintain and jump start the economy. In his campaign, Biden promised a $640 million housing plan to help more Americans become home owners. In the plan is a down payment for first time home buyers, a tax credit for up to $15,000 that can be used at time of purchase. Teachers, first responders and other public service workers would also be eligible for down payment assistance.

Also in the plan are moves to help fight the racial housing gap. It would create a national standard for appraising homes. Biden also hopes to create a national credit agency that would consider a history of utility and rent payments as part of a preapproval process.

Of course we will have to wait and see which of these proposals can be accomplished by Executive Order and what provisions will have to considered by a new Congress. It is exciting to consider any actions that would continue to spur real estate and provide housing for more of our citizens.