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Submitted by Barbara Clemons
Spring and summer are busy times for Realtors as homebuyers and sellers are eager to make a move this time of year.
It’s a particularly busy time for me, and my fellow leaders with the Bay East Association of Realtors, as we’re also doing important work on housing and homeownership issues far from Pleasanton and the Tri-Valley.
In early May, our team traveled to Washington, D.C. to advocate for home ownership and to support legislation that creates housing opportunities for everyone. We met with Reps. Barbara Lee, Ro Khanna and Eric Swalwell to report on the status of our local real estate markets and the impact federal legislation and policies have on the homebuying and selling experience.
One of our top priorities was to share insights about how updating currently restrictive tax policies can increase the housing supply and access to homeownership.
I’m happy to report on H.R. 1321, the “More Homes on the Market Act”, which will double the capital gains exclusion on the sale of a primary residence. This bill has strong bipartisan support and may become law as early as 2025.
The current limits, $500,000 for married and joint filers, and $250,000 for single filers, were set in 1997 and haven’t kept pace with increasing home sales prices. Increasing the capital gains exclusion could help many homeowners in Pleasanton who want to make a move but can’t afford a massive capital gains tax bill. Making it easier for current Pleasanton homeowners to explore other housing options can increase the supply of housing for those who want to make Pleasanton their home.
We also urged our members of Congress to help incentivize and make homeownership more feasible by increasing the current $10,000 cap on state and local tax deductions.
We asked that Veterans Administration (VA) loan regulations be updated to allow VA homebuyers to compensate their broker. Our message was received, and the VA is now making policy changes that will help veterans secure professional representation in real estate transactions.
Supporting housing opportunities for all has been, and will continue to be, a priority for Realtors. We spoke up in favor of H.R. 4439, the “Fair and Equal Housing Act”. While there are already laws in California providing protection against housing discrimination based on sexual orientation and gender identity, we asked our Congressmembers to extend this protection nationwide.
I love serving my clients by helping them navigate the complexities of a real estate transaction. I also love being part of the voice for home ownership and housing opportunities and taking that voice to Washington, D.C. to make a difference here in Pleasanton and the Tri-Valley.
Editor’s note: Barbara Clemons is the 2024 president of the Bay East Association of Realtors, based in Pleasanton.
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