Lol, 10k to sell my home I bought 8 yrs ago at 3.5 rate and owe 90k on it ummm not if I sell I better be set for life. Let’s keep printing money!!! This government is out of control.
A dumb idea, even for Biden.
Best way to get people to sell their homes is to allow current homeowners to carry their rate to their new mortgage, not give me a paltry $10k tax credit.
Doesn’t address supply. Dumb.
A start — and there’s nothing wrong with that.
All the arm-chair “experts” here claiming it’s “dumb” obviously have no ideas of their own, and if this incentive nudges some sales, great!
And as for hanging on to low rates, not everyone has a choice to “stay” in their starter homes, as things like job relocation, unemployment, or divorce can help force a sale. A $10K buffer for these lower income people is a good start and could get the juices flowing.
But the fact is, ultimately lack of “supply” is the key issue and builders should be encouraged to *build, build, build* to the extent possible.
I also think the federal government could incentivize such new building, but ultimately it will also be subject to a lot of local zoning and development laws.
Still, providing low cost financing to builders and coaxing local governments to speed the process along and also prohibit or limit corporate purchases by providing other financial incentives is another idea. Prohibiting foreign buyers is another.
Likewise, the federal government could impose additional taxes on those persons or entities owning too many single family homes or foreign buyers.
These kinds of things are done elsewhere, why not here?
A tax credit for selling starter homes below the median price of an area is not a tax on selling homes. Grow up and learn to read
I live in a starter home. 10,000 will not help me get close enough to buy the larger home I would need to. I would need to sell my home for 300,000 to afford the next house size. My house is valued at 200,000.
I would like any administration to outlaw corporations from buying and renting family housing.
Obama gave me 8k to buy my house. It would be pretty awesome if Biden gave me 10k to sell the same house
how about we just put some regulations/restrictions on institutional investors buying up insane portions of single family homes? Or how about zoning reform that allows for mixed housing options?
Now that corporations and speculators own many of the homes, this will help them to profit more from their sale. Propping up the bubble was probably paid for. I think that bringing home prices down to normal would help people in general to get into homes, and forcing corporations and speculators to offload their assets without any subsidy would do that in a hurry. Speculation in housing when so many people need homes at all is just gross.
repeal the faircloth amendment
Tbh $10k won’t even remotely cover the closing costs.
My home purchase isn’t even that old, but at closing I was charged $59 for copies and $4 for staples.
… to Blackstone?
Hey, instead of sending money overseas… what about you just give us back our tax dollars that you’re sending overseas?
The problem is everyone wants to live in the same areas, where jobs are. Maybe the govt should offer remote WFH incentives to companies.
How does this help quantitative tightening through fiscal irresponsibility? Every intention of Biden is met with the opposing effect. That’s incompetence.
17 comments
Lol, 10k to sell my home I bought 8 yrs ago at 3.5 rate and owe 90k on it ummm not if I sell I better be set for life. Let’s keep printing money!!! This government is out of control.
A dumb idea, even for Biden.
Best way to get people to sell their homes is to allow current homeowners to carry their rate to their new mortgage, not give me a paltry $10k tax credit.
Doesn’t address supply. Dumb.
A start — and there’s nothing wrong with that.
All the arm-chair “experts” here claiming it’s “dumb” obviously have no ideas of their own, and if this incentive nudges some sales, great!
And as for hanging on to low rates, not everyone has a choice to “stay” in their starter homes, as things like job relocation, unemployment, or divorce can help force a sale. A $10K buffer for these lower income people is a good start and could get the juices flowing.
But the fact is, ultimately lack of “supply” is the key issue and builders should be encouraged to *build, build, build* to the extent possible.
I also think the federal government could incentivize such new building, but ultimately it will also be subject to a lot of local zoning and development laws.
Still, providing low cost financing to builders and coaxing local governments to speed the process along and also prohibit or limit corporate purchases by providing other financial incentives is another idea. Prohibiting foreign buyers is another.
Likewise, the federal government could impose additional taxes on those persons or entities owning too many single family homes or foreign buyers.
These kinds of things are done elsewhere, why not here?
A tax credit for selling starter homes below the median price of an area is not a tax on selling homes. Grow up and learn to read
I live in a starter home. 10,000 will not help me get close enough to buy the larger home I would need to. I would need to sell my home for 300,000 to afford the next house size. My house is valued at 200,000.
I would like any administration to outlaw corporations from buying and renting family housing.
Obama gave me 8k to buy my house. It would be pretty awesome if Biden gave me 10k to sell the same house
how about we just put some regulations/restrictions on institutional investors buying up insane portions of single family homes? Or how about zoning reform that allows for mixed housing options?
Now that corporations and speculators own many of the homes, this will help them to profit more from their sale. Propping up the bubble was probably paid for. I think that bringing home prices down to normal would help people in general to get into homes, and forcing corporations and speculators to offload their assets without any subsidy would do that in a hurry. Speculation in housing when so many people need homes at all is just gross.
repeal the faircloth amendment
Tbh $10k won’t even remotely cover the closing costs.
My home purchase isn’t even that old, but at closing I was charged $59 for copies and $4 for staples.
… to Blackstone?
Hey, instead of sending money overseas… what about you just give us back our tax dollars that you’re sending overseas?
The problem is everyone wants to live in the same areas, where jobs are. Maybe the govt should offer remote WFH incentives to companies.
How does this help quantitative tightening through fiscal irresponsibility? Every intention of Biden is met with the opposing effect. That’s incompetence.