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Biden's $15,000 First Time Home Buyer Tax Credit Explained
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What is Biden’s First Time Home Buyer Tax Credit?
According to Biden’s campaign website, it is to “help families buy their first homes and build wealth by creating a new refundable, advanceable tax credit of up to $15,000. Biden’s new First Down Payment Tax Credit will help families offset the costs of home buying and help millions of families lay down roots for the first time.”
This isn’t the first time a program like this has been passed. A similar act was passed under the Bush and Obama administration. However, rather than redeeming the credit when you file for taxes, Biden proposed redeeming the funds at the time of purchase.
Why does Biden want to enact a First Time Home Buyer Tax Credit?
Rising Prices! Many prospective homebuyers are getting priced out of real estate. And homeownership benefits individuals and the community.
1. People tend to better care of their property as opposed to someone else’s
2. Homeownership provides stability and fosters more care and investment for your community
3. Most importantly, homeownership provides wealth and security. For many, their home will be their primary asset by the time they retire.
When will Biden’s First Time Home Buyer Tax Credit be enacted?
A definite date for a rollout has not been dated. However, looking at the state of the current real estate market, we don’t think it will be any time soon. Currently, inventory sits at 50-year low meanwhile mortgage applications are growing. It doesn’t make sense to bring more buyers to the market at this time.
We believe once interest rates begin to climb back up and buyer demand begins to tailor off, then stimulating the real estate market with more buyers make sense.
The Federal Reserve announced they will keep interest rates historically low though 2023. Therefore, we believe the earliest this plan will be enacted is 2024 unless a tremendous amount of inventory hits the market in the next year.
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According to Biden’s campaign website, it is to “help families buy their first homes and build wealth by creating a new refundable, advanceable tax credit of up to $15,000. Biden’s new First Down Payment Tax Credit will help families offset the costs of home buying and help millions of families lay down roots for the first time.”
This isn’t the first time a program like this has been passed. A similar act was passed under the Bush and Obama administration. However, rather than redeeming the credit when you file for taxes, Biden proposed redeeming the funds at the time of purchase.
Why does Biden want to enact a First Time Home Buyer Tax Credit?
Rising Prices! Many prospective homebuyers are getting priced out of real estate. And homeownership benefits individuals and the community.
1. People tend to better care of their property as opposed to someone else’s
2. Homeownership provides stability and fosters more care and investment for your community
3. Most importantly, homeownership provides wealth and security. For many, their home will be their primary asset by the time they retire.
When will Biden’s First Time Home Buyer Tax Credit be enacted?
A definite date for a rollout has not been dated. However, looking at the state of the current real estate market, we don’t think it will be any time soon. Currently, inventory sits at 50-year low meanwhile mortgage applications are growing. It doesn’t make sense to bring more buyers to the market at this time.
We believe once interest rates begin to climb back up and buyer demand begins to tailor off, then stimulating the real estate market with more buyers make sense.
The Federal Reserve announced they will keep interest rates historically low though 2023. Therefore, we believe the earliest this plan will be enacted is 2024 unless a tremendous amount of inventory hits the market in the next year.
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