{"id":3839,"date":"2024-03-22T10:39:00","date_gmt":"2024-03-22T14:39:00","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=3839"},"modified":"2024-06-16T23:11:11","modified_gmt":"2024-06-17T03:11:11","slug":"its-election-year-how-will-this-affect-sellers-and-buyers","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/its-election-year-how-will-this-affect-sellers-and-buyers\/","title":{"rendered":"It\u2019s Election Year. How Will This Affect Sellers and Buyers?"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

As we enter an election year the current administration points to how strong the economy is. But there\u2019s a disconnect between these regular public assurances and people\u2019s life experiences. So many are either locked into their current mortgages or just completely sidelined from the market.<\/p>\n\n\n\n

This is no joke: High mortgage rates. Wages lagging while housing prices soar. The whole environment where homeownership is treated as a privilege<\/a> rather than a norm. Recently, Fortune highlighted a daunting challenge for prospective U.S. real estate buyers: to afford a home in today’s market, they need an annual income increase of almost $50,000 compared to their pre-pandemic earnings.<\/p>\n\n\n\n

So, will the runup to the election bring any opportunities to current owners and hopeful buyers?<\/p>\n\n\n\n\n\n\n\n

Voters Don\u2019t Like Being Left Out of the Market. Housing Gets Votes.<\/h2>\n\n\n\n

This year, there\u2019s high stress and uncertainty over potential election outcomes. And some people will decide to hold off on big financial decisions until after the election results. After all, new leaders may modify tax rates, breaks, and credits.<\/p>\n\n\n\n

The opposite of uncertainty is confidence. If people think the economy is basically in good shape, they are more likely to sell their homes and buy others, keeping the market fluid.<\/p>\n\n\n\n

Confidence in the economy boosts all the reasons not <\/em>to delay.<\/p>\n\n\n\n

If the right opportunity comes up, moving sooner rather than later has advantages. Once closing day is in the rear-view mirror, a new owner\u2019s equity-building starts. We all know what tax deductions and credits to expect, too.<\/p>\n\n\n\n

So, can we be confident? The country has managed to avoid a recession so far, but the housing market is hostile to many would-be buyers. A few weeks ago, Redfin ran a survey, asking about 3,000 owners and renters if real estate affordability will affect their voting style in the upcoming presidential election. Over half of the people surveyed said\u2026 Yep. The cost of housing impacts who they\u2019ll vote for. The housing market matters to officials running for every level of office \u2014 from the local to the Oval.<\/p>\n\n\n\n

Perhaps it comes as no surprise that the White House is pressing Congress to greenlight tax credits<\/a> for first-time home buyers and people willing to part with their starter-style homes.<\/p>\n\n\n\n

Take a closer look at why <\/strong><\/em>homeowners have hesitated to put their homes up for sale<\/em><\/strong><\/a> for many months.<\/strong><\/em><\/pre>\n\n\n\n
Watch How Senators and Representatives Act on Housing. Consider Nevada\u2026<\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n
One reason for the scarcity of affordable homes? Large, publicly listed companies and investors. They opportunistically took control of one in four low-priced homes<\/a> in the last quarter of 2023. This sucks out vital supply, and presses prices up.<\/p>\n\n\n\n
Some state politicians are stepping in to deal with it. Take Nevada. When corporate investors descended on Nevada to buy up affordable homes, Nevada pressed back<\/a>.<\/p>\n\n\n\n
In response to these challenges, U.S. Senator Jacky Rosen (D-Nev.) has proposed the Housing Oversight and Mitigating Exploitation (HOME) Act, aimed at tackling corporate price gouging in the housing market. The legislation seeks to:<\/p>\n\n\n\n