Is now the time to sell your house? What’s in store for the real estate market if Harris wins?
The 2024 election is knocking at the door and a number of homeowners are wondering how the results could affect the real estate market if Kamala Harris takes office. If so, we’ll likely see a continuation of current policies, but there’s always uncertainty when leadership changes. Now, let’s zero in on what’s on the horizon for real estate if Kamala Harris wins the presidency.
Concerned about the real estate market under Harris? Sell your home now before policies impact prices.
So what is the potential scenario for the real estate market?
Slower price growth.
With potential increases in affordable housing projects and higher interest rates to combat inflation, the rapid rise in home prices could slow down. This might reduce the urgency for buyers, leading to less competition and slower sales.
Higher borrowing costs.
As interest rates remain high, buyers may face more expensive mortgage options. This potentially could reduce the pool of buyers and make it harder for sellers to get top dollar for their homes.
Stable but limited demand.
While Harris’ policies could promote long-term stability in the housing market, they may also lead to fewer high-priced home sales. Selling a house before these changes could ensure sellers take advantage of current high prices.
Increased focus on affordable housing.
With more affordable housing options likely to emerge, high-value homes may become harder to sell at premium prices. Selling now could help avoid future price dips as affordable homes flood the market. Don’t wait for the market to drop—sell your house while prices are still high!
Strike while the iron is hot! Sell your house now and take advantage of high prices before the market changes.
Why can selling your house now be a great option?
If you’re contemplating selling your home, the timing couldn’t be better. The housing market is currently booming, and selling a house later can be challenging.
Higher personal tax rates.
The restoration of the Obama-era marginal tax rate for high earners could lead to reduced disposable income for those affected, potentially lowering their ability to purchase new homes. This may result in decreased demand for housing in the higher-end market.
Economic uncertainty.
The proposed tax increases could create uncertainty among potential homebuyers, particularly in higher income brackets. If individuals are concerned about future tax burdens, they may hesitate to enter the housing market or invest in new properties.
Potential for tax credits.
While Harris’s proposed expansions of tax credits (like the earned income tax credit and child tax credit) may provide some financial relief for families, the overall impact of higher taxes could overshadow these benefits. Families may still be cautious about making significant financial commitments, such as purchasing a home.
Final thoughts:
Harris’s tax policies could create a more cautious environment for house selling, especially among high-income earners and real estate investors. While there may be incentives for certain families, the overall impact could lead to reduced housing supply and lower demand, making it a challenging landscape for sellers.
Therefore, if you want to sell your house, strike while the iron is hot.