The housing market is tough! Many people want homes, but there aren’t enough to buy. This makes homes really expensive. Low interest rates make it easy to get a loan, but homeowners don’t want to give up their cheap loans, leaving fewer homes on the market. This makes it hard, especially for first-time buyers. If you’re thinking about buying a house, do it now before the competition gets worse.
President Biden's proposal includes tax credits to enhance homeownership affordability for middle-class families. First-time buyers would receive $5,000 annually for two years, while families upgrading would be eligible for up to $10,000. However, experts express skepticism that these credits alone can address the underlying issues of high mortgage interest rates and insufficient affordable housing supply.
