If you need assistance, please call 914-290-5258

The election's over! Here's what’s coming for real estate.

Tuesday, November 10, 2020   /   by Vanessa Saunders

The election's over! Here's what’s coming for real estate.

Photo by Bruno Bucar on Unsplash


By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.

After months of campaigning, weeks of voting and untold hours of the media digesting and regurgitating the story of the moment, we have survived another presidential election. Given the challenges we faced during the campaign - a deadly pandemic, an economy suffering the worst recession since the depression and numerous hot-button racial and immigration issues - we still have a real estate market that's white hot, and record-low mortgage rates that have pushed prices to new heights. So what issues can New York real estate expect for the next four years? Here’s the short list according to a report from Inman News.

Affordable housing
The Biden campaign’s housing proposal pinpointed the dearth of housing supply as the driving force behind the affordability crisis.

Biden has pledged to invest $640 billion in housing over the next 10 years. Among other things, the plan would provide “financial assistance to help hard-working Americans buy or rent safe, quality housing.”

Housing discrimination
Biden’s housing proposal tackles “redlining and other discriminatory practices” in the housing industry head-on, devoting a substantial portion of his proposal to these topics.

Rentals and evictions
Biden’s plan for rentals and renters calls for local “eviction diversion programs” that will include mediation, payment plans and financial literacy education programs.

Housing-related taxes
Biden has said that if elected he will roll back Trump’s tax cuts, presumably including deduction rules for things like mortgage interest and local and state taxes. Additionally, Biden plans to give first-time homebuyers a refundable, advanceable tax credit of $15,000. This would assist people in buying homes at a point in their lives when they often don’t make enough money to qualify for other kinds of tax benefits.

Homelessness
Another entire section of Biden’s housing proposal is dedicated to homelessness, stressing “a national strategy for making housing a right for all."

1031 Exchanges
In order to fund a child- and elderly-care spending platform, Biden has proposed abolishing 1031 “like-kind” exchanges for investors with annual incomes above $400,000, a much favored benefit in the industry. The additional federal funds would allow Biden’s administration to accrue $775 billion in government spending over the next 10 years to help provide care for these two groups.

The exchanges enable real estate investors to defer capital-gains taxes when they sell properties by directing the proceeds into new investments, a practice many investors take advantage of on a continual basis.

Whether any of this can be done without the help of a Republican senate while facing a dog’s breakfast of social and economic problems remains to be seen.
But at least now we know some of the things to expect.

Contact us at Global Property Systems for more information on selling, or to find your next home.

Photo by Bruno Bucar on Unsplash


  hudson valley real estate, hudson valley home, 'urb to 'burb, hudson valley home owners, hudson valley home sellers, selling your home, pandemic, lower property taxes, capital gains taxes, racial discrimination, racial steering, red lining

Global Property Systems
Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
56 Lafayette Avenue Suite 320
White Plains, NY 10603
914-290-5258


NY.png


NY.png

The data relating to real estate for sale or lease on this web site comes in part from MHMLS. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the MHMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. The information appearing herein has not been verified by the Mid-Hudson Multiple Listing Service, Inc. or by any individual(s) who may be affiliated with said entity, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose. ©2022 Mid-Hudson Multiple Listing Service, Inc. All rights reserved.
The data relating to real estate for sale or lease on this web site comes in part from One Key, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the One Key, Inc logo or an abbreviated logo and detailed information about them includes the name of the listing broker.

The information appearing herein has not been verified by One Key, Inc or by any individual(s) who may be affiliated with said entities, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose.

©2022 One Key, Inc. All rights reserved.

The data relating to real estate on this website comes, in part, through the IDX of the Multiple Listing Service of Ulster County, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the IDX logo and detailed information about them includes the name of the listing broker.
This site powered by CINC: www.cincpro.com