15k For Homebuyers, Is This A Good Thing?

One of the most interesting is relevant to anyone looking to buy a home today is likely frustrated by sky-high prices and slim pickings. But President-elect Joe Biden, who takes office Wednesday, will aim to ease those issues as he gears up to implement his plans for the housing market.

Biden is proposing a $15,000 first-time homebuyer tax credit, which could be accessed immediately by the buyer, thereby serving as down payment assistance. High home prices, along with strict lending standards, have made it difficult for young buyers to come up with the cash needed to secure a mortgage.

First-time buyers, defined as those who have not purchased a home in at least three years, made up 32% of all November homebuyers, according to the National Association of Realtors. Historically, that share is closer to 40%.

The tax credit could exacerbate the inventory shortage, by juicing demand even more. But the nation’s homebuilders, who have had a difficult time keeping up with demand, could also get a boost from Biden.

But what do you think? Will this help buyers or hurt buyers as it doesn't address the growing need for more entry level housing.

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GATELY Properties is dedicated to helping you make the best financial and lifestyle choice for your situation. If it is cashing out, upgrading, downgrading, or even relocating we’re here to help. Gately Properties was founded on the premise of building a Boutique Real Estate Office that focused on the client and community.

Gately Properties helps strengthen the community where they we work and practice real estate because by combining real estate professionals and local neighborhood experience with up-to-the-minute real estate resources we deliver the results home buyers and sellers need today.
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