Proposed Bipartisan Bill to Improve Real Estate Market
Homeowners are holding onto equity due to low interest rates and reluctance to sell amidst higher rates. This has caused a nationwide housing shortage crisis. Representatives Jimmy Panetta (D) and Mike Kelly (R) have introduced the “More Homes on the Market Act,” aiming to double the capital gain exclusion amounts on the sale of a principal residence. The bill, if passed, would increase the exclusion to $500,000 for single filers and $1,000,000 for joint filers, with adjustments for inflation. This tax relief would particularly benefit California homeowners, including seniors facing high tax burdens. The current tax exemptions have remained unchanged since 1997, limiting homeowners’ ability to downsize and access home equity. The National Association of REALTORS estimates that many homeowners in California could face significant capital gains taxes if they sell their homes. By adjusting capital gains exclusion, the housing market could see an increase in supply of 159,000 to 344,000 homes nationwide. This would provide opportunities for downsizing seniors and first-time homebuyers. Stay tuned for updates on the “More Homes on the Market Act.”
For further real estate discussions, contact Holly Hanlin at (661) 645-1334.
Happy 4th of July and National Ice Cream Day on Sunday, July 16!
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