How Joe Biden's $15,000 Homebuyer Tax Credit WILL CRASH The Market (Tools)

Do we have a good one for you today! As election season (FINALLY) draws to a close and we transition into the new Biden administration,  we're seeing a lot of new and proposed legislation being discussed on Capitol Hill. We're a real estate podcast, so please save your political rantings for people who spend more time talking about that. However, we do have to address initiatives when they potentially impact the industry we hold in such high regard. One such initiative in talks at the moment is President Biden's plan to provide Americans with $15,000 in tax credit to be used to purchase homes. On the surface, this appears to be a great thing. Millions of Americans are going through a period of uncertainty in regards to their living situations, so any suggested plans to help soothe their concerns should be welcomed.

But we've just come off one of the most unprecedented years of market volatility that we've ever seen, and the results of these shifts are still playing out in real-time. Mortgage rates and inventory are at historical lows, leading to soaring real estate prices. Consumers with even more buying power and fewer homes to choose from are only going to continue to push the market upward, and we all know what goes up must eventually come down. Upon closer inspection, the implications of this plan forecast continued inflation and financial inequity between people still struggling to recover from the effects of the pandemic to those that saw their holdings increase to previously unseen levels during the same period of time. I don't want to give too much away in this description, but I suggest you listen all the way through so you can begin to form your own opinions of how this plan might impact the country going forward.

Mentioned in today's episode:
Launch Control
Foreclosure.com
GoHighLevel

Here's a link to the article Donny discussed in today's episode:
Potential Impact Of Biden's $15,000 Homebuyer Tax Credit

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